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FS1 [0.71] |{U} FS2 [0.29] {X} Path payoffs RS1 [0.94] +$300 DA {V} RS2 [0.06] -$40 RS1 [0.94] +$270 DB {W} RS2 [0.06] +$10

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FS1 [0.71] |{U} FS2 [0.29] {X} Path payoffs RS1 [0.94] +$300 DA {V} RS2 [0.06] -$40 RS1 [0.94] +$270 DB {W} RS2 [0.06] +$10 RS1 [0.12] DA +$300 Legend: = FS1 analyst's forecast is State 1 {Y} RS2 [0.88] -$40 RS1 [0.12] +$270 DB {Z} RS2 [0.88] +$10 = FS2 analyst's forecast is State 2 RS1 = Reality is State 1 = RS2 Reality is State 2 DA= Decision (option) A DB Decision (option) B =

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