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A Payoff Table Is Shown Below The Following Prior Probabilities Are Assigned to the States of }\\\text

Question 41

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A payoff table is shown below.  Alternative  State of Nature a1a2a3s1s2s321831212715913\begin{array}{ll}\text { Alternative }\\\text { State of Nature }&\quad a_1\quad\quad a_2\quad\quad a_3\\\begin{array}{ll}s_1\\s_2\\s_3\end{array}&\begin{array}{|lll|}\hline 21\quad&8\quad&-3\quad \\12&12&7\\-15&9&13\\\hline\end{array}\end{array}
The following prior probabilities are assigned to the states of nature:
P( s1s _ { 1 } ) = 0.2, P( S2S _ { 2 } ) = 0.7, P( S3S _ { 3 } ) = 0.1.
a. Determine the EMV decision.
b. Set up the opportunity loss table.
c. Determine the EOL decision.
d. What is the expected payoff with perfect information?
e. What is the expected value of perfect information?

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a. EMV ( blured image ) = (0.2)(21) + (0.7)(12) + (0...

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