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Hello sir, I am a little bit confused about decision trees. If we do the market research, why do we put the shutdown choice if we are told that the result of the refurbishment will be good? If the result will be good, won’t we just choose between the expensive and the cheap refurbishment? Thank you in advance. You are heaven to us who self-study.
I assume you are referring to the question in the lecture notes (that I work through in the lecture).
The problem is that even if the market research says that it will be good, the market research is not perfect and there is a probability that the result might still be poor.
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