Supporting the quantitative analysis of binary welfare based decision making processes using Monte Carlo simulations. Decision support is given on two levels: (i) The actual decision level is to choose between two alternatives under probabilistic uncertainty. This package calculates the optimal decision based on maximizing expected welfare. (ii) The meta decision level is to allocate resources to reduce the uncertainty in the underlying decision problem, i.e to increase the current information to improve the actual decision making process. This problem is dealt with using the Value of Information Analysis. The Expected Value of Information for arbitrary prospective estimates can be calculated as well as Individual Expected Value of Perfect Information. The probabilistic calculations are done via Monte Carlo simulations. This Monte Carlo functionality can be used on its own.
Package details 


Author  Eike Luedeling [cre, aut] (ICRAF), Lutz Goehring [aut] (ICRAF and Lutz Goehring Consulting), World Agroforesrtry Centre (ICRAF) [cph] 
Date of publication  20171128 00:10:36 UTC 
Maintainer  Eike Luedeling <[email protected]> 
License  GPL3 
Version  1.103.6 
URL  http://www.worldagroforestry.org/ 
Package repository  View on CRAN 
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