Question: QUESTION 3 3 points Consider the following problem for the payoff table (Profit S) with four decision alternatives and three states of nature: D1 D2

QUESTION 3 3 points Consider the following problem for the payoff table (Profit S) with four decision alternatives and three states of nature: D1 D2 D3 D4 S1 p0.14 17 6 13 S2 p=0.26 22 33 26 37 S3 pa 44 52 47 62 2 What is the expected value of perfect information (EVPI) ($) for the 4 alternatives? (Hint: You can calculate theExpected value with perfect information (EVwP1) = (17*0.14+3 7"0.26+37"(1-0.14-0.26)))

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