What Is the EMV for Option 1 in the Following

question 100

Multiple Choice

What is the EMV for Option 1 in the following decision table? States of Nature
$$\begin{array} { | c | c | c | } \hline \text { Alternatives } & \mathrm { S } _ { 1 } & \mathrm {~S} _ { 2 } \\\hline \mathrm { p } & .3 & .7 \\\hline \text { Option } 1 & 15,000 & 20,000 \\\hline \text { Option } 2 & 10,000 & 30,000 \\\hline\end{array}$$

• A) 15,000
• B) 17,000
• C) 17,500
• D) 18,500
• E) 20,000

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Definitions:

Prefrontal Cortex

The part of the brain located at the front of the frontal lobes, involved in complex behaviors such as decision making, planning, and moderating social behavior.

Overconfidence

An overly positive judgment of one’s own decision-making abilities and performance.

Participant Confidence

The level of belief individuals have in their own abilities and judgments during participation in an activity or research.