When a decision maker must make a decision under uncertainty,having perfect information available prior to choosing an alternative would:
A)decrease the expected value or payoff.
B)increase the expected value or payoff.
C)may increase or decrease the expected value.
D)cause all probabilities to equal zero.

Question

Quizplus · Accepted Answer

Having perfect information available prior to choosing an alternative would increase the expected value or payoff because the decision maker would have a better understanding of the probabilities and potential outcomes, allowing them to make a more informed and advantageous decision.

When a Decision Maker Must Make a Decision Under Uncertainty,having