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Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts

Economics

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Identify a situation that involves making decisions using expected value, and detail the different options, expectations, and payouts. Discuss the risks involved with those expectations and, if applicable, the payouts. Include in your discussion an explanation of how to determine how much information to gather to minimize uncertainty. Finally, explain which decision should be made. Minimum of 300 words