Construction bidding with utility Use all the construction bidding problem in Example 9-1, but…

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Construction bidding with utility Use all the construction bidding problem in Example 9-1, but substitute utility for the monetary payoffs at the top of the tree. The utility function for the contractor is provided in the figure.

Draw the decision tree and show all computations necessary to determine the optimal bidding strategy. What is the best strategy and associated expected utility? Is this different from the strategy found in Example 9-1? If so, why?

 

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