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Decision Based Design
book

Decision Based Design

by Vijitashwa Pandey
August 2013
Intermediate to advanced content levelIntermediate to advanced
284 pages
11h 23m
English
CRC Press
Content preview from Decision Based Design
71Decision Analysis with Multiple Attributes
Now imagine that your friend John offers perfect information about the
lottery; that is, he can predict the payoff of the uncertain node perfectly.
To analyze the situation, we have to redraw the decision problem with the
uncertainty node in the beginning. The probabilities of the lottery apply to
the information as well;
*
that is, there is a 0.3 probability that John will say
that the payoff is $200, and there is a 0.7 probability that John will say that the
payoff is $10. In each case you have a decision between (now) deterministic
choices. As shown in Figure3.16, if the decision maker has a c
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Publisher Resources

ISBN: 9781439882320