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Game theory: Math marvels: The value of information in a real life decision game

Game theory: Math marvels: The value (cost) of information Imagine that you have been working after college and now face the decision of whether or not to get an MBA at a prestigious institution. The cost of getting the MBA is 10. Your future value is your stream of income, which depends on the strength of the labor market for the next decade. If the labor market is strong then your income value from having an MBA is 32, while your income value from your current status is 12. If the labor market is average then your income value from having an MBA is 16, while your income value from your current status is 8. If the labor market is weak then your income value from having an MBA is 12, while your income value from your current status is 4. After spending some time researching the topic, you learn that the labor market will be strong with probability 0.25, average with probability 0.5, and weak with probability 0.25. Should you get the MBA? Now imagine that an all-knowing oracle appears before the player the moment before he is about to resign from his job and says, “I know what the state of the labor market will be and I can tell you for a price.” If you are the player, the questions that you need to answer are, first, is this information valuable, and second, how much is it worth? Support the channel: UPI link: 7906459421@okbizaxis UPI Scan code: https://mathsmerizing.com/wp-content/... PayPal link: paypal.me/mathsmerizing