Question: Use the same example of bills finding a summer job with modified values as below, compute the Expected Monetary Value(EMV) of decision and event nodes

Use the same example of bills finding a summer

Use the same example of bills finding a summer job with modified values as below, compute the Expected Monetary Value(EMV) of decision and event nodes (ABCDE) .

b) By doing sensitivity analysis of P, compute the critical value P* (the dividing point Bill would change his original optimal strategy).

1600 1800 Accept Accept A Offer Reject 2400 Reject 0.05 1800 P=0.5 0.25 E B) 1700 0.40 1200 No offer 0.25 0 1-P-0.5 0.05 2400 0.05 0.25 1800 0.40 1700 0.25 1200 0 0.05

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