What are the expected values for each


A payoff table is given as

State of Nature

Decision Low Medium High
d1 10 8 6
d2 14 15 2
d3 7 8
9

The probabilities of s1, s2, and s3 are .2, .4, and .4, respectively.

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

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Basic Statistics: What are the expected values for each
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