A Unified Information-Value Approach to Sensitivity Analysis

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A Unified Information-Value Approach to Sensitivity Analysis Models of phenomena in physical and social science are quite often subject to sensitivity analyses in which analysts evaluate the effects (sensitivity) of the model to changes in parameter values. As models become complex, however, such evaluations becomes cumbersome, time consuming and, at times, suspect õ have all the relevant combinations of parameter values been considered? This research will examine the possibility of using the `expected value of perfect informationn on a parameter or group of parameters as a measure of problem sensitivity to those parameters õ a procedure which is both axiomatically sound and consistent with expected value maximization. A retrospective analysis of standard sensitivity analyses will also be conducted to see how conclusions reached using such methods compare with those suggested by the `expected value of perfect informationn approach.