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Labran Jones has played for the Cleveland professional basketball team for the past 8 seasons and has established himself as one of the top players

Labran Jones has played for the Cleveland professional basketball team for the past 8 seasons and has established himself as one of the top players in the league. He has recently become a free agent, meaning he can sign a new contract with Cleveland or any other team in the league. Cleveland has never seriously contended for a championship, and Labran is strongly considering signing a contract with Miami, where he would have a better chance at a championship, or with New York, which is a bigger media market and would give him more financial opportunities and endorsements. All three teams are offering Labran a 6-year contract, but because of a salary cap rule (which limits how much teams can spend players), Miami can only offer Labran $110 million, while New York is offering $120 million and Cleveland is offering $125 million. Odds makers give Miami a 70% chance of winning the championship with Labran, while they give Cleveland a 40% change and New York only a 10% chance. If Labran wins a championship, he will almost certainly finish his career with the team he wins it with. If that team is New York, he will sign a new contract after 6 years that, with endorsements and financial deals, is estimated to be worth around $500 million by the end of his career. However, if New York does not win a championship during his 6 years, he will either stay with New York for a career total of $200 million, or sign a new 4-year contract with a new team. If he signs with a new team, he assumes he will sign a contract with a team good enough to give him a 50-50 chance of winning a championship but, because of his likely diminished abilities, he will have eventual earnings of only around $120 million if he wins a championship with his new team. However, if he doesnt win a championship, his eventual earnings would only be about $65 million. If he signs with Miami and Miami wins the championship, he will stay with the team and have eventual long-term earnings of $375 million, but if Miami doesnt win a championship, he will either stay with Miami for earnings of about $90 million or sign with a new team, with the same expected outcomes if he signs with a new team after playing in New York. If he re-signs with Cleveland and Cleveland wins a championship, his eventual earnings are expected to be $300 million by the end of his playing career, but if Cleveland doesnt win, he can stay with the team and expect eventual possible earnings of around $145 million or sign with a new team with the same expected outcomes if he signs with a new team after playing in New York and Miami.

Using Decision Tree Analysis, determine which team Labran should sign a new contract with and the expected value of his decision. Give me your decision tree, tell me the best decision, and tell me the expected value of that decision.

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