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Prediction of returns versus costs

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If a patient who was injured and is thinking about whether or not to file a medical malpractice claim against his doctor. He is considered a "rational" decision maker in the sense that he decides whether or not to file a claim based on his prediction of returns versus costs if he files.

0 represent the probability of eventually receiving compensation if he files

V represents the size of payment conditional on receiving any compensation

C represents the cost of filing and pursuing a claim. 

How do you determine the expected value (payoff) of the claim to the injured victim at filing

Reference no: EM132148867

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