Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The test for disease X has specificity of 99% (P(-| not X); and sensitivity of 90% P(+| X). A patient has been exposed but is
The test for disease X has specificity of 99% (P(-| not X); and sensitivity of 90% P(+| X). A patient has been exposed but is not showing any symptoms; his doctor assesses that the probability the person has X is 45%. The two alternatives are to treat or not treat. The cost of treating X is $2000. The cost of untreated X is $25,000. What is the value of imperfect information, what is the value of the disease X test in this case?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started