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Plot the sensitivity of mary value of clairvoyance

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Reference no: EM131754913

Question: The figure shows a sensitivity analysis of value of information to the probability of Sunshine, p, for both Kim and Jane in the party problem.

1629_Clair.png

On this figure, plot the sensitivity of Mary's value of clairvoyance to p.

At a consulting project, you hear the phrase "Risk-averse people always pay more for clairvoyance than risk-neutral people." From the curves of Kim, Jane, and Mary, how would you respond to this statement?

Reference no: EM131754913

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