QUESTION 3 The EVPI is: a) the theoretical value of perfect knowledge b) a decis

Question

QUESTION 3

The EVPI is:

a) the theoretical value of perfect knowledge

b) a decision making criterion useful when probabilities of states of nature are not known

c) the primary strategy to use with decision making under certainty

d) None of the above are correct.

a) the theoretical value of perfect knowledge

b) a decision making criterion useful when probabilities of states of nature are not known

c) the primary strategy to use with decision making under certainty

d) None of the above are correct.

Explanation / Answer

The EVPI is a decision making criterion useful when probabilities of states of nature are not known.

Option b is correct.

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