A special case of sample information where the information tells the decision maker exactly which state of nature is going to occur is known as __________ information.
A)perfect
B)mutual
C)conditional
D)prior

Question

Quizplus · Accepted Answer

Perfect information provides complete and accurate knowledge about which state of nature will occur. This allows decision-makers to make optimal decisions since they know exactly what the outcome will be. Mutual information refers to information that is shared between two or more parties, conditional information refers to information that is dependent on some other event or condition, and prior information refers to information that is known before new information is obtained from a sample.

A Special Case of Sample Information Where the Information Tells