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2. You are given the following payoff table (in units of thousands of dollars) for a decision analysis problem: State of
Posted: Sun Sep 05, 2021 5:04 pm
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- 2 You Are Given The Following Payoff Table In Units Of Thousands Of Dollars For A Decision Analysis Problem State Of 1 (30.4 KiB) Viewed 107 times
2. You are given the following payoff table (in units of thousands of dollars) for a decision analysis problem: State of nature Alternative 51 S2 S3 A1 4 0 0 A2 0 2 0 A3 ليبيا 0 1 Prior probability 0.2 0.5 0.3 (a) According to Bayes' decision rule, which alternative should be chosen? (b) Find EVPI. (e) You are given the opportunity to spend $1,000 to obtain more information about which state of nature is likely to occur. Given your answer to part (b), might it be worthwhile to spend this money?