Value of Imperfect Information-Applying Bayes' Theorem (LO.3): Refer to exercise 26-18. Suppose that the treasure hunter could
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Value of Imperfect Information-Applying Bayes' Theorem (LO.3): Refer to exercise 26-18. Suppose that the treasure hunter could not obtain perfect information but could obtain imperfect information from the old seaman whose information is 60 percent accurate. (That is. Pigood report treasure) = .60; P(good report no treasure) = .40: etc.)
Required: What is the value of the imperfect information? Should it be obtained?
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