Posted: March 20th, 2017
In a certain state lottery, a lottery ticket cost . In terms of the decision to purchase or not to purchase a lottery ticket, suppose that the following payoff table applies:
State of nature |
||
Decision alternative |
Wins s1 |
Lose s2 |
Purchase lottery ticket d1 |
250,000 |
-6 |
Do not purchase lottery ticket d2 |
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