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Lec14_F03_mine

# Lec14_F03_mine - Class#14 Decision to Attend Class A...

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Class #14: Decision to Attend Class A. Alternatives A 1 – Attend Class A 2 – Do Not Attend Class B. Outcomes O 1 O 2 O 3 O 4 C. Probabilities P 1 – probability that my attendance will have direct grading consequences given that I attend P 2 – probability that my attendance will have direct grading consequences given that I do not attend D. Value V 1 – Value associated with direct consequences V 2 – Value associated with indirect consequences V 3 – Value associated with attending class (e.g., costs of travel, social interaction, beauty of nature) V 4 – Value associated with not attending class (e.g., additional sleep, other opportunities) (i) Direct Consequences (examples) Essential Lecture Content Unannounced quiz Entertaining stories and presentations Taking attendance

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p 1 1 - p 1 O 1 = [V 1 + V 2 + V 3 ] O 2 = [V 2 + V 3 ] A 1 p 2 1 – p 2 O 4 = V 4 - V 2 A 2 O 3 = [V 4 – V 1 - V 2 ]
EV[A 1 ] = p 1 * [V 1 +V 2 +V 3 ] + (1-p 1 ) * [V 2 +V 3 ] = p 1 *V 1 + p 1 *V

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Lec14_F03_mine - Class#14 Decision to Attend Class A...

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