The Expected Value of Perfect Information (EVPI)is Irrelevant Concept Since

question 22

True/False

The expected value of perfect information (EVPI)is irrelevant concept since perfect information is almost never available at any price.

---

Definitions:

Promissory Estoppel

A legal principle that enables a party to recover on a promise made when they have reasonably relied on that promise to their detriment, even if a formal contract does not exist.

Illusory Contract

An agreement that fails to bind at least one of the parties due to the lack of a definite promise or because the terms allow for withdrawal without consequence.

Adequacy Of Consideration

The principle that the value exchanged in a contract must be fair and reasonable to both parties involved.

Fraud

Intentional misleading to achieve illicit benefits or to cheat someone out of their rightful entitlement.