=e. Now suppose that the opportunity is offered to provide information that will tell you with certainty
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=e. Now suppose that the opportunity is offered to provide information that will tell you with certainty which state of nature will occur (perfect information). 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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