Question: solve as soon as possible A cost payoff table is given as Cost Payoff Table State of Nature Decision s1 s2 s3 di 1074 503

solve as soon as possible A cost payoff table is

solve as soon as possible A cost payoff table is

solve as soon as possible

A cost payoff table is given as Cost Payoff Table State of Nature Decision s1 s2 s3 di 1074 503 432 d2 396 284 409 718 d3 654 592 e. The expected value of perfect information is: f. If the conditional probabilities obtained from sample information / are pl|s)=01, |s2)= 0.05, P(||s3)= 0.2, compute the revised or posterior probabilities p(si [). P(sz) and P(s:|). P(s) si P(si) PCs) P(s)) P(S) P(SjD si 0.20 0.10 S2 0.50 0.05 S3 0.30 0.20 1.00 g. Compute expected payoffs for each decision using the revised probabilities, obtained from part f. What choice should be made

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