..) A random tourist is about to spend two days sightseeing Helsinki. There are several options:...

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..) A random tourist is about to spend two days sightseeing Helsinki. There are several options: a daily ticket with unlimited travel for €8, a two-day ticket for €12, or individual tickets at €3 that are valid for one trip. This tourist will for sure take exactly two trips on her first day. However, she is uncertain about how many trips she will take during her second day. Her experience on the first day will determine her marginal benefit (MB) for trips on the second day. Depending on whether the experience is {great, ok, poor} the MB of her first trip on the second day is {5, 4, 3} euros. The MB of additional trips is always one euro less than the previous trip. Before the first day she views each of these experiences as equally likely. (a) Describe the decision facing this tourist using a decision tree. (b) Describe the optimal ticket-buying plan for this tourist. (c) Suppose this tourist could eliminate the uncertainty about her second day ticket demand by spending some effort in reading more about Helsinki. How much effort, as measured in euros, should she at most be willing to spend to achieve this? ..) A random tourist is about to spend two days sightseeing Helsinki. There are several options: a daily ticket with unlimited travel for €8, a two-day ticket for €12, or individual tickets at €3 that are valid for one trip. This tourist will for sure take exactly two trips on her first day. However, she is uncertain about how many trips she will take during her second day. Her experience on the first day will determine her marginal benefit (MB) for trips on the second day. Depending on whether the experience is {great, ok, poor} the MB of her first trip on the second day is {5, 4, 3} euros. The MB of additional trips is always one euro less than the previous trip. Before the first day she views each of these experiences as equally likely. (a) Describe the decision facing this tourist using a decision tree. (b) Describe the optimal ticket-buying plan for this tourist. (c) Suppose this tourist could eliminate the uncertainty about her second day ticket demand by spending some effort in reading more about Helsinki. How much effort, as measured in euros, should she at most be willing to spend to achieve this?