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The Impact of testing errors on value of information: a quality-control example

Author: Gaba, Anil ; Winkler, R. L.INSEAD Area: Technology and Operations Management Series: Working Paper ; 93/84/TM Publisher: Fontainebleau : INSEAD, 1993.Language: EnglishDescription: 14 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: In this paper, we extend recent work on the inferential impact of errors in data to a decision-making setting. In the context of a simple quality-control example, we illustrate how errors can cause substantial reductions in the value of information from a sample and uncertainty about error rates can lead to yet further reduction in EVSI. Moreover, we extend the notion of an equivalent error-free sample size (which indicates the reduction in effective sample size due to errors) from an inferential framework to a decision-making framework and find that as uncertainty about error-rate parameters increases, reductions in effective sample size are even greater for a decision maker than the inferential measures suggest
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In this paper, we extend recent work on the inferential impact of errors in data to a decision-making setting. In the context of a simple quality-control example, we illustrate how errors can cause substantial reductions in the value of information from a sample and uncertainty about error rates can lead to yet further reduction in EVSI. Moreover, we extend the notion of an equivalent error-free sample size (which indicates the reduction in effective sample size due to errors) from an inferential framework to a decision-making framework and find that as uncertainty about error-rate parameters increases, reductions in effective sample size are even greater for a decision maker than the inferential measures suggest

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