Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Find the alternative would be selected according to expected value and utility.

For the payoff table below the decision maker will use P (s1) = .15, P (s2) = .5, and P (s3) = .35.


s1

s2

s3

d1

-5000

1000

10,000

d2

-15,000

-2000

40,000

1) describe what alternative would be chosen according to expected value?

2) For the lottery having a payoff of 40000 with probability p and -15,000 with probability (1-p) the decision maker expressed the following indifference probabilities.

Payoff

Probability

10,000

.85

1000

.60

-2000

.53

-5000

.50

Let U(40,000) = 10 and U(-15,000) = 0 also find the utility value for each payoff.

c. describe what alternative would be chosen according to expected utility?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M922110

Have any Question? 


Related Questions in Statistics and Probability

1 why are psychologists sometimes interested in

1. Why are psychologists sometimes interested in epidemiology? 2. Why do researchers use probability rather than nonprobability samples when doing descriptive research?

1 what are some ways in which scientists get ideas for

1. What are some ways in which scientists get ideas for their research? 2. Why can theories not be proved or disproved by research? 3. Given that proof and disproof are impossible in science, how does scientific knowledg ...

Imagine that you are a college professor you notice that

Imagine that you are a college professor. You notice that fewer students appear to attend class on Friday afternoons when the weather is warm than when it is cold outside. To test your hunch, you collect data regarding o ...

A jury composed of seven members is called upon to find an

A jury composed of seven members is called upon to find an accused individual either guilty or innocent. Debbie is the jury forewoman, with Bobby and Jack appointed vice-foremen. The jury includes four more jurors, in ad ...

John is an avid fisherman and wants to know if there is a

John is an avid fisherman and wants to know if there is a correlation between the amount of time he spends fishing and the amount of fish he catches. He decided to keep track of the time he spent at the lake and the amou ...

Roger reports i ascribe probability 03 to the philadelphia

Roger reports: I ascribe probability 0.3 to "the Philadelphia Phillies will win the World Series next year, Chris ascribes probability 0.4 to their winning the World Series and to me ascribing probability 0.4 that they w ...

One of the behavioral research case studies involved agocha

One of the Behavioral Research Case Studies involved Agocha and Cooper's (1999) study of partner characteristics and intentions to practice safe sex. Below are the Pearson correlations between the likelihood that partici ...

Consider the following belief space where the set of

Consider the following belief space, where the set of players is N = {I, II}, and the set of states of nature is S = {s 1 , s 2 }: Write out the belief hierarchies of orders 1, 2, and 3 of Player I, at each state of the ...

List an example of each of the followinga two quantitative

List an example of each of the following: a. Two quantitative variables that are likely to have a positive linear relationship. b. Two quantitative variables that are likely to have a negative linear relationship. c. Two ...

Peter has two envelopes he puts 10k euros in one and 10k1

Peter has two envelopes. He puts 10k euros in one and 10 k+1 euros in the other, where k is the outcome of the toss of a fair die. Peter gives one of the envelopes to Mark and one to Luke (neither Mark nor Luke knows the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen