For the Payoff Table Below,the Decision Maker Will Use P(s₁)=

question 43

Essay

For the payoff table below,the decision maker will use P(s₁)= 0.15,P(s₂)= 0.5,and P(s₃)= 0.35.​ ​
a.What alternative would be chosen according to expected value?
b.For a lottery having a payoff of 40,000 with probability p and -15,000 with probability (1 -p),the decision maker expressed the following indifference probabilities.
c.What alternative would be chosen according to expected utility?
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