Answered: The prior probabilities for s1 and s2…

The prior probabilities for s1 and s2 are P(s1)=0.8 and P(s2)=0.2. States of Nature Decision Alternative s1 s2 d1 15 10 d2 10 12 d3 8 20

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

Consider the following profit payoff table.

The prior probabilities for s1 and s2 are P(s1)=0.8 and P(s2)=0.2.

		States of Nature
Decision Alternative	s1	s2
d1	15	10
d2	10	12
d3	8	20

a. What is the optimal decision?

b. Find the EVPI.

c. Suppose that sample information I is obtained, with P(I|s1)=0.20 and P(I|s2)=0.75. Find the posterior probabilities P(s1|I) and P(s2|I). Recommend a decision alternative based on these probabilities.

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