The value of information (VOI) is the amount of money someone would be willing to pay (WTP) to find out the value of an uncertain variable before having to make a decision. It can be found by calculating the price of the information that would make the decision maker just indifferent between paying for the information and her next best option without it.
In some cases, the information is purchased explicitly by ordering a report or a test. In other cases, it can be obtained by undertaking a small-scale trial or pilot study. This exercise explores the latter.