22 Aug Hi Assignment1. We related EVPI to the value of an envelope
Hi Assignment1. We related EVPI to the value of an envelope that contains the true ultimate outcome. This concept can be extended to “less than perfect” information. For example, in the Acme problem suppose that the company could purchase information that would indicate, with certainty, that one of the following two outcomes will occur: (1) the national market will be great, or (2) the national market will not be great. Note that outcome (2) doesn’t say whether the national market will be fair or awful; it just says that it won’t be great. How much should Acme be willing to pay for such information?2. In the risky venture example, the more risky alternative, in spite of its dominating EMV, is not preferred by a decision maker with a risk tolerance of $1.92 million. Now suppose everything stays the same except for the best monetary outcome of the more risky alternative (the value in cell D14). How much larger must this value be for the decision maker to prefer the more risky alternative? What is the corresponding EMV at that point?Note : Paper should be in APA formate, Abstract & conclusion. Thanks,
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