The Value of Imperfect Information
This set of exercises consists of two exercises, "Aver as, S. A." and "Petr leos, S. A.," which show, (in a simple but at the same time practical and real) way, how to incorporate new information into the decision-making process. The two exercises raise probability problems to which the Bayes Theorem must be applied. Aver as S.A. is inspired by the Bayes case by Steven Lippman. Petr leos S.A. is based on the case of the same name by Professor Pere Agell.