Value of Perfect Information (L.0.2): A treasure hunter, who searches for treasure in sunken ships, is faced
Question:
Value of Perfect Information (L.0.2): A treasure hunter, who searches for treasure in sunken ships, is faced with the following options on a particular treasure hunt:
Assume the treasure hunter can obtain information from an old seaman who knows exactly where the ship was sunk.
Required:
a. What is the expected value of the action with no information?
b. What is the expected value of the action with the perfect information?
c. What is the value of the perfect information?
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Ali Khawaja
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