Determine Decision Strategies Based on Expected Value and on Expected

question 5

Essay

Determine decision strategies based on expected value and on expected utility for this decision tree.Use the utility function $$\begin{array} { c c } \text { Payoff } & \text { Indifference Probability } \\\hline500 & 1.00 \\350 & .89 \\300 & .84 \\180 & .60 \\100 & .43 \\40 & .20 \\20 & .13 \\0 & 0\end{array}$$

---

Definitions:

Stimulus

A stimulus is anything in the environment that one can respond to.

Behavior

The range of actions and mannerisms made by individuals, organisms, systems, or artificial entities in conjunction with themselves or their environment.

Frequency

The rate at which a vibration occurs that constitutes a wave, either in a material (as in sound waves), or in an electromagnetic field (as in radio waves and light).

B.F. Skinner

An influential American psychologist known for his work in behaviorism, particularly the development of the theory of operant conditioning.