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A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $ 2 . 0 0 . If
A person is trying to decide if he or she should buy a lottery ticket. The ticket costs $ If the ticket is a winner, the prize would be $ Knowing that winning $ is not a certain outcome state of nature the person finds that the probability of winning is Based on this information, the following payoff table can be constructed:
Lose Win
Buy $ $
Do not buy
What is the expected value of perfect information?
Multiple Choice
$
$
$
Cannot be computed
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