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A payoff table is given as

State of Nature

Decision Low Medium High
d1 10 8 6
d2 14 15 2
d3 7 8
9

The probabilities of s1, s2, and s3 are .2, .4, and .4, respectively.

A) what are the expected values for each alternative?
B) What decision should be made under expected value?
C) What is the EVPI?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M91085174

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