QUESTION 1 If the expected value without information is $1,000, and the expected
ID: 3260469 • Letter: Q
Question
QUESTION 1
If the expected value without information is $1,000, and the expected payoff with perfect information is $2,500, then the EVPI is:
a. $3,500
b. $2,500
c. $1,500
d. Not enough information is given.
QUESTION 2
The strategy that represents a hybrid between optimistic and pessimistic is:
a. LaPlace
b. Minimax regret
c. Maximin
d. Hurwicz
QUESTION 3
Consider the following payoff table. The LaPlace value for A2 would be:
S1
S2
S3
S4
A1
22
14
10
-8
A2
12
6
16
-2
A3
-4
8
10
12
a. 9.5
b. 8.0
c. 6.5
d. 16
QUESTION 4
Consider the following payoff table. With alpha = 0.4, the Hurwicz value for A3 would be:
S1
S2
S3
S4
A1
22
14
10
-8
A2
12
6
16
-2
A3
-4
8
10
12
a. 10.4
b. 4.8
c. 5.6
d. 2.4
QUESTION 5
Consider the following payoff table. In a regret matrix, the value for the combination A1 and S4 would be:
S1
S2
S3
S4
A1
22
14
10
-8
A2
12
6
16
-2
A3
-4
8
10
12
a. 20
b. 14
c. -8
d. 4
a. $3,500
b. $2,500
c. $1,500
d. Not enough information is given.
QUESTION 2
The strategy that represents a hybrid between optimistic and pessimistic is:
a. LaPlace
b. Minimax regret
c. Maximin
d. Hurwicz
QUESTION 3
Consider the following payoff table. The LaPlace value for A2 would be:
S1
S2
S3
S4
A1
22
14
10
-8
A2
12
6
16
-2
A3
-4
8
10
12
a. 9.5
b. 8.0
c. 6.5
d. 16
QUESTION 4
Consider the following payoff table. With alpha = 0.4, the Hurwicz value for A3 would be:
S1
S2
S3
S4
A1
22
14
10
-8
A2
12
6
16
-2
A3
-4
8
10
12
a. 10.4
b. 4.8
c. 5.6
d. 2.4
QUESTION 5
Consider the following payoff table. In a regret matrix, the value for the combination A1 and S4 would be:
S1
S2
S3
S4
A1
22
14
10
-8
A2
12
6
16
-2
A3
-4
8
10
12
a. 20
b. 14
c. -8
d. 4
Explanation / Answer
1) EVPI = expected with information - expected without information
=> 2500-1000
=> 1500
Hence option C
2) LaPlace strategy gives the hybrid between the optimistic ans pessimistic approach..Hence Option A
NOTE- We are bound to give answer to 1 question only and i have provided answer to 2 questions..please post remaining questions as separate question..thanks
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