Question: Consider the following problem for the payoff table (Profit $) with four decision alternatives and three states of nature: S3 S1 p=0.19 7 S2 p=0.27

Consider the following problem for the payoff

Consider the following problem for the payoff table (Profit $) with four decision alternatives and three states of nature: S3 S1 p=0.19 7 S2 p=0.27 32 p= D1 52 D2 4 36 62 12 27 49 D3 D4 18 21 42 What is the expected value of perfect information (EVPI) ($) for the 4 alternatives? (Hint: (Hint: You can calculate the Expected value with perfect information (EVwPl) = (18*0.19+36*0.27+62*(1-0.19-0.27)))

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