Problem
Although the expected value is a straightforward and appealing summary of an alternative, it does have its limitations. We interpret the EMV as the average amount that would be obtained by "playing the game" a large number of times. But is this a worthwhile number to know for unique or one-off decisions? For example, the "game" for Hugh Liedtke amounts to suing Texaco-not a game that Pennzoil will play many times! Discuss the pros and cons of using EMV as a decision selection criterion, especially for one-off decisions.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.