Question: Consider the following payoff table. Based on these probabilities and EMV criterion, a person would select Alternative 2. Suppose there is a concern about the
Consider the following payoff table.

Based on these probabilities and EMV criterion, a person would select Alternative 2. Suppose there is a concern about the accuracy of these probabilities. It can be stated that Alternative 2 will remain the best alternative as long as the probability of A is at least {?}. Support your answer.
\begin{tabular}{|l|r|r|} \cline { 2 - 3 } \multicolumn{1}{c|}{} & \multicolumn{2}{c|}{ States of Nature } \\ \hline Alternatives & A & B \\ \hline Alternative 1 & 100 & 150 \\ \hline Alternative 2 & 200 & 100 \\ \hline Probability & 0.4 & 0.6 \\ \hline \end{tabular}Step by Step Solution
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