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The following profit payoff table was presented in problems 1 and 4

Question # 00012377
Subject: Mathematics
Due on: 05/12/2014
Posted On: 04/15/2014 05:09 PM

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The following profit payoff table was presented in problems 1 and 4:
State of Nature
Decision Alternatives s1 s2 s3
d1 250 100 25
d2 100 100 75

The probabilities for the states of nature are P(s1) = .65, P(s2) = .15, and P(s3) = .20

a) What is the optimal decision strategy if perfect information were available?
b) What is the expected value for the decision strategy developed in part (a)?
c) Using the expected value approach what is the recommended decision without perfect information? What is its expected value?
d) What is the expected value of perfect information?

Tags presented problems table payoff profit following expected information decision perfect value strategy valued optimal recommended approach nature using availableb developed states presented problems table payoff profit 4state naturedecision 75the probabilities 25d2 s3d1 alternatives following

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The following profit payoff table was presented in problems 1 and 4

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Preview: s1 xx s3d1 xxx 100 25d2 xxx 100 75The xxxxxxxxxxxxx for xxx xxxxxx of xxxxxx are P(s1) x 65, P(s2) x 15, xxx xxxxx = xxxx What is xxx optimal decision xxxxxxxx if xxxxxxx xxxxxxxxxxx were xxxxxxxxxxxxxxxxxx.....
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