Suppose that you are given a decision situation with three possible states of nature: S₁, S₂, and s3. The prior probabilities are P(s₁) = 0.3, P(s₂) = 0.2, and P(S3) = 0.5. With sample information I, P(I|s₁) = 0.1, P(I|s₂) = 0.05, and P(I|s3) = 0.2.Compute the revised or posterior probabilities: P(S₁|I), P(S₂|I), and P(S3I). (Round your answers to four decimal places.)P(S₁|I)P(S₂|I)P(S3|1)

It is given that: Ps1=0.3Ps2=0.2Ps3=0.5 PI|s1=0.1PI|s2=0.05PI|s3=0.2

Answered: Suppose that you are given a decision…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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You have three red cards numbered 1,2,3 and two orange cards numbered 1,2. Finding the following probabilities
Questions 1, 2 and 3 are based on the following table. In the following table of costs, n1 and n2 are the states of nature, and a1, a2 and a3 are your decision alternatives: n1 n2a1 5 3a2 1 4a3 2 k Q.1. Suppose k = 6. If n1 occurs with probability p, If n1 occurs with probability p, for what values of p will a3 be the best decision alternative based on expected values, for what values of p will a1 be the best and for what values of p will a2 be the best? Q.2. Suppose n1 occurs with probability p. For what all values of k is a3 always better than a1 (based on expected values)? Q.3. What is the EVPI?
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