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You're a sprinter, and in practice today you fell and hurt your leg. An x-ray suggests that it's broken with probability 0.2. Your problem is whether you should participate in next week's tournament. If you run, you think you'll win with probability 0.1. If your leg is broken and you run, then it will be further damaged and your payoffs are as follows:

+100 if you win the race and your leg isn't broken

+50 if you win and your leg is broken

0 if you lose and your leg isn't broken

-50 if you lose and your leg is broken

0 if you don't run and your leg isn't broken

-10 if you don't run and your leg is broken

What is the value of perfect information about the state of your leg?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91530007

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