=b. You are offered the opportunity to obtain information that will tell you with certainty whether the
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=b. You are offered the opportunity to obtain information that will tell you with certainty whether the first state of nature S1 will occur. What is the maximum amount you should pay for the information? Assuming you will obtain the information, how should this information be used to choose an alternative? What is the resulting expected payoff (excluding the payment)?
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Introduction To Management Science A Modeling And Case Studies Approach With Spreadsheets
ISBN: 9780078096600
4th Edition
Authors: Frederick S. Hillier And Mark S. Hillier
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