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If the value of information is given by V(p) = 32p - 12, where p is a measure of signal quality (precision). If the cost
If the value of information is given by V(p) = 32p - 12, where p is a measure of signal quality (precision). If the cost of achieving precision p is given by C(p) = (2p)/(1 - p) , what is the optimal signal precision, p" , that maximizes the net benefit of using the information? (a percentage like 35% should be reported as the decimal .35 - round only your final answer to two decimal places)
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