Question: A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: P(E1) = .10, P(E2) = .15, P(E3) = .40, and

A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: P(E1) = .10, P(E2) = .15, P(E3) = .40, and P(E4) = .20. Are these probability assignments valid? Explain.

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