Good post. I like how you explained both the technique and the process that you used to develop it.
I see another potential benefit in estimating VoI. Asking myself, “Does any state of knowledge exist that would make me choose differently here?” bypasses some of my involuntary defenses against, “What state of knowledge would make me choose differently here?” The difference is that the former triggers an honest search, while the latter queries for a counterfactual scenario but gives up quickly because one isn’t available.
Good post. I like how you explained both the technique and the process that you used to develop it.
I see another potential benefit in estimating VoI. Asking myself, “Does any state of knowledge exist that would make me choose differently here?” bypasses some of my involuntary defenses against, “What state of knowledge would make me choose differently here?” The difference is that the former triggers an honest search, while the latter queries for a counterfactual scenario but gives up quickly because one isn’t available.