The concessionaire for Carnegie Hall has developed a table of conditional values for the various alternatives (stocking decision)and states of nature (size of crowd).
The concessionaire has no idea what sort of crowd might materialize - it has been decades since the Del Aires last performed together, but there has been a resurgence in interest thanks to a re-release of the classic movie Horror of Party Beach.Determine:
(a)the expected value of perfect information for this scenario.
(b)the optimal choice using the Laplace criterion.

Question

The concessionaire for Carnegie Hall has developed a table of conditional values for the various alternatives (stocking decision)and states of nature (size of crowd).
  The concessionaire has no idea what sort of crowd might materialize - it has been decades since the Del Aires last performed together, but there has been a resurgence in interest thanks to a re-release of the classic movie Horror of Party Beach.Determine:
(a)the expected value of perfect information for this scenario.
(b)the optimal choice using the Laplace criterion.

Quizplus · Accepted Answer

The Answer of The concessionaire for Carnegie Hall has developed a table of conditional values for the various alternatives (stocking decision)and states of nature (size of crowd).
  The concessionaire has no idea what sort of crowd might materialize - it has been decades since the Del Aires last performed together, but there has been a resurgence in interest thanks to a re-release of the classic movie Horror of Party Beach.Determine:
(a)the expected value of perfect information for this scenario.
(b)the optimal choice using the Laplace criterion.

The Concessionaire for Carnegie Hall Has Developed a Table of Conditional