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A decision makers worst option has an expected

A decision maker's worst option has an expected value of $1,000, and her best option has an expected value of 3,000. With perfect information, the expected value would be $5,000. The decision maker has discovered a firm that will, for a fee of $1,000, make her position-risk free. How much better off will her firm be if she takes this firm up on its offer?

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Applied Statistics: A decision makers worst option has an expected

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