A note on the “value” of bounds on EVPI in stochastic programming

J. G. Morris and H. E. Thompson

Naval Research Logistics Quarterly, 1980, vol. 27, issue 1, 165-169

Abstract: The existing literature concentrates on determining sharp upper bounds for EVPI in stochastic programming problems. This seems to be a problem without an application. Lower bounds, which we view as having an important application, are only the incidental subject of study and in the few instances that are available are obtained at an extremely high cost. In order to suggest a rethinking of the course of this research, we analyze the need for bounds on EVPI in the context of its significance in decision problems.

Date: 1980
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