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by: Marcella Krajcik


Marcella Krajcik
GPA 3.7

M. Salassi

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About this Document

M. Salassi
Class Notes
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This 1 page Class Notes was uploaded by Marcella Krajcik on Tuesday October 13, 2015. The Class Notes belongs to AGEC 3413 at Louisiana State University taught by M. Salassi in Fall. Since its upload, it has received 32 views. For similar materials see /class/222707/agec-3413-louisiana-state-university in Agricultural & Resource Econ at Louisiana State University.

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Popular in Agricultural & Resource Econ




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Date Created: 10/13/15
B C D AGEC 3413 Fall Semester 2010 Homework 71 Probability of Random Event Annual Niles Driven Annual Cost per Ev nt Lease Monthly Mileage Additional Company Lease Cost Allowance Mile miles C1 00 12000 015 12000 C2 520 15 000 020 15000 C3 530 18 000 017 18000 C4 550 20000 025 20000 Probability of Each e Annual Miles Driven Annual Mileage Level Table 1 Conditional Expected Values CEV quotAnnual Lease Costquot ease Company Choices Event Company Company Company Company Annual Miles Driven C1 C2 C3 C4 miles 12000 6 000 6240 6360 6600 15000 6450 6240 6360 6600 18000 6900 6870 6360 6600 20000 7 200 7240 6700 6600 Table 2 Conditional Opportunity Losses COL Lease Company Choices Event Company Company Company Company Annual Miles Driven C1 C2 C3 C4 miles 12000 6000 0 240 360 600 15000 6240 210 0 360 18000 6360 540 510 0 240 20000 6600 600 640 100 0 Table 3 value EMV r W oss EOL Lease Company Choices Company auue Loss C1 6660 360 10 C2 6592 292 40 C3 6394 94 40 C4 6 600 300 1 0 Table 4 Expected Annual Cost with Perfect Information Weighted Event Conditional Conditional Annual Miles Driven Probability Annual Cost Cost miles 1 0 6000 600 40 6240 2496 40 6360 2544 1 0 6600 660 Expected Annual with Perfect Information 6300 Table 5 Expected Value of Perfect Information EVPI Lease Company Choices Company Company Company Company C1 C2 C3 C4 Expected Monetary Value of Each Choice 6300 6300 6300 6300 Minus Expected Cost wi h Perfect Information 6 660 Eguals Expected Value of Perfect Information 360 292 94 300 quotAnnual cost reduction possible with perfect informationquot Table 6 Expected Cost with Perfect Information ECPI L ease Company Choices Company Company Company Company C1 C2 C3 C4 EMV of each choice under uncertainty 6660 Minus EOL ofeach action 360 Equal Exp Pro t with Perfect Information 6300 6592 6394 292 94 6300 6300 6600 300 6300


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