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Explain simple decision sapling

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Prove for the simple decision sapling (sure thing of value r vs. risky gamble), that EVPI ≥ 0. Also prove that if the random payoff of the gamble, call it G, is replaced by the random variable G+Y where Y is independent of G and EY = 0 (so G' = G+Y is a noisy, or more variable, version of the original gamble G), then the EVPI will be larger.

Reference no: EM132907286

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