Suppose that in Exercise 22.14 a consultant offers to analyze the problem and predict the amount of

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Suppose that in Exercise 22.14 a consultant offers to analyze the problem and predict the amount of electricity required by the new community. To induce the electric company to hire her, the consultant provides the set of likelihood probabilities given here. Perform a preposterior analysis to determine the expected value of the consultant€™s sample information.

4 (predict I3 (predict 4 (predict low demand) moderate demand) high demand) .5 .3 .2 S2 S3 .3 3 .6 .1 .6 .2

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