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You are proposed to accept or reject a lottery which gives X with probability 1/3 and -1 with probability 2/3. Before accepting you receive a signal…

by | Nov 28, 2023 | statistics

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You are proposed to accept or reject a lottery which gives X with probability 1/3 and -1 with probability 2/3. Before accepting you receive a signal “g” (good) or “b” (bad). The signal has precision q=P(g|win)=P(b|lose)>1/2.Suppose you choose between accepting and rejecting the lotterywithout the signal. What is the value of your choice V (X) as a function ofX? In other words, this is the value you get taking your choice into account.Draw V (X) on a graph.Now suppose you take signal into account. What is the valueVs(X) of your choice before you see the signal? Draw it on the graph.What is the value of the signal as a function of X. Specify anddraw it on the graph.

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