Question: Within the model we studied in Lecture 7.A suppose that p = Pr (8 = 84) = 1/3 and * = 1/4. You are a

Within the model we studied in Lecture 7.A suppose that p

Within the model we studied in Lecture 7.A suppose that p = Pr (8 = 84) = 1/3 and * = 1/4. You are a voter and you expect that type g politicians always select alternative B. Using Bayes rule, calculate your belief that the politician is type g upon observing that she chose policy B. Please round your answer to the first 3 decimal point

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.