Pete is considering placing a bet on the NCAA playoff game between Indiana and Purdue. Without any further information, he believes that each team has an equal chance to win. If he wins the bet, he will win $10,000; if he loses, he will lose $11,000. Before betting, he may pay Bobby $1,000 for his inside prediction on the game; 60% of the time, Bobby will predict that Indiana will win and 40% of the time, Bobby will predict that Purdue will win. When Bobby says that IU will win, IU has a 70% chance of winning, and when Bobby says that Purdue will win, IU has only a 20% chance of winning. Determine how Pete can maximize his total expected profit. What is EVPI
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Pete is considering placing a bet on the NCAA playoff game between Indiana and Purdue. Without any f...
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