Suppose you cannot buy information that completely removes the uncertainty from

Question

Suppose you cannot buy information that completely removes the uncertainty from a business decision that you face, but you could reduces the degree of uncertainty Based on the discussion in this chapter, the value of this partial information could be determined as the 0 A. expected outcome 0 B. We cannot determine the value or information under partial certainty Oc. utility of the partially certain case minus the utlty of the completely certain case O D. under the partially uncertain case minus the expected outcome under the completely uncertain case expected outcome under complete certainty minus the expected outcome under the partial information case Click to select your answer up

Explanation / Answer

Ans is A

The value of information that may reduce the degree of uncertainity is the expected value of partially uncertain case minus the expected outcome under completely uncertain case.

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