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Table 2 Expected values (i.e., losses)

From: Value of information analysis for assessing risks and benefits of nanotechnology innovation

Loss type Enumeration Normal approximation
Class. Quadratic Linear Class. Quadratic Linear
Expected value (L′) \( L_{c}^{{\prime }} \) 0.43210 \( L_{q}^{{\prime }} \) 0.07483 \( L_{q}^{{\prime }} \) 0.01057 \( L_{q}^{{\prime }} \) 0.42057 NA \( L_{l}^{{\prime }} \) 0.00000
Expected perfect value (L*) \( L_{c}^{*} \) 0.00000 \( L_{q}^{*} \) 0.00000 \( L_{q}^{*} \) 0.00000 \( L_{q}^{*} \) 0.00000 NA \( L_{l}^{*} \) 0.00000
Expected value of perfect information (EVPI) 0.43210 0.07483 0.01057 0.42057 NA 0.00000
Expected value for the strategy “research on risks” (Lr) \( L_{c}^{r} \) 0.03084 \( L_{q}^{r} \) 0.00105 \( L_{q}^{r} \) 0.00044 \( L_{q}^{r} \) 0.32076 NA \( L_{l}^{r} \) 0.00000
Expected value for the strategy “research on benefits” (Lb) \( L_{c}^{b} \) 0.09053 \( L_{q}^{b} \) 0.00686 \( L_{q}^{b} \) 0.00161 \( L_{q}^{b} \) 0.36242 NA \( L_{l}^{b} \) 0.00000
  1. Losses related to the different expected values are reported above where expected perfect value is always zero. Expected values related to the strategies Research on risks and Research on benefits are both significantly lower (one order of magnitude in the enumeration case) than the initial expected value without any information
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