In Decision-Making Under Risk, the Expected Monetary Value Without Information

Multiple Choice

In decision-making under risk, the expected monetary value without information is ____________.

A) the weighted average of the best payoff for each state of nature
B) the largest of the EMVs for the different decision alternatives
C) never smaller than the expected monetary payoff with perfect information
D) the average of the EMVs
E) half the expected monetary value with information