MAT 540 Week 2 Discussion

Aug 7th, 2016
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In your own words, explain how to obtain the “expected value of perfect information” for any payoff table, which has probabilities associated with each state of nature. Then, provide an example, drawing from any of the payoff tables in Problems 1-17 in the back of Chapter 12. If no probabilities are given for the states of nature, then assume equal likelihood.

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In your own words, explain how to obtain the expected value of perfect information for anypayoff table, which has probabilities associated with each state of nature. Then, provide anexample, drawing from any of the payoff tables in Problems 1-17 in the back of Chapter 12. If noprobabilities are given for the states of nature, then assume equal likelihood.ANSWERAccording to Taylor, a payoff table is utilized in efforts to organize data while illustrating theoutcomes of different decisions which is also known as a payoff. Information comes from avariety of scenarios or it can simply

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