The ________ represents the expected payoff we will realize if we have prior knowledge about which state of nature will occur.
A)expected value under risk (EVUR)
B)expected monetary value (EMV)
C)expected value under certainty (EVUC)
D)expected value of perfect information (EVPI)

Question

Quizplus · Accepted Answer

The expected value under certainty (EVUC) represents the expected payoff when we have prior knowledge about which state of nature will occur, meaning we are certain about the outcome.

The ________ Represents the Expected Payoff We Will Realize If