Estimation of evpi, The following is a payoff table giving

Estimation of evpi

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Reference no: EM13105260

The following is a payoff table giving profits for various situations.

States of Nature

Alternatives	A	B	C
Alternative 1	100	120	180
Alternative 2	120	140	120
Alternative 3	200	100	50
Do Nothing	0	0	0

The probabilities for states of nature A, B, and C are 0.3, 0.5, and 0.2, respectively.

what are the expected values for each alternative?
What decision should be made under expected value?
What is the EVPI?

Reference no: EM13105260

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