Monte-Carlo approach to computing value of information
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United States of America Patent
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Jan 16, 2018
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app pub date -
May 16, 2016
filing date -
Mar 15, 2013
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Abstract
The subject disclosure is directed towards the use of Monte Carlo (MC) procedures for computing the value of information (VOI), including with long evidential sequences. An MC-VOI algorithm is used to output a decision as to balancing the value and costs of collecting information in advance of taking action by running prediction model-based simulations to determine execution paths through possible states, and processing the results of the simulations/paths taken into a final decision.
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