1. When you are in an uncertain decision environment, you should use expected monetary value as your method for evaluating alternatives.
True
False
2. In decision analysis, the environment of Certainty is closely related to classical decision making theory because the decision maker knows the outcome in advance.
True
False
3. If you were going to pay an oracle to tell you the state of nature before you make a decision, you would pay no more than ______________
Expected value of perfect information
None of the answers in the list is true
Maximum EMV
Maximax
Minimax regret