Definitions for

**"Expected value of perfect information"**is the difference between the expected value with (additional) perfect information and the expected value with current information. The expected value of perfect information is the maximum amount a decision maker should pay for additional information that gives a perfect signal as to the state of nature.

The average or expected value of information if it were completely accurate. The information is perfect in here.

The expected value if the future uncertain outcomes could be known minus the expected value with no additional information.