Business, 26.03.2021 01:50 kimezzell18

You have written your first novel! You can auction it off to publishers, or you can self-publish it. If you auction it off, you calculate there is a 30% chance it will sell for $18,000, and a 70% chance it will sell for $31,000. If you decide to self-publish, it will cost you $20,000, and you calculate there is a 60% chance you will earn gross revenues of $45,000, and a 40% chance you will earn gross revenues of $35,000. After seeing your self-published book revenues, you may spend $10,000 on marketing. If you pay for marketing, you calculate there is a 65% chance it will increase your gross revenues by $25,000 (for example, if your gross revenues were $10,000, they would go up to $35,000), and a 35% chance it will have no effect and will increase your gross revenues by $0. After evaluating your options, as an expected value decision maker, you make the optimal decision to self-publish your book and expect net earnings of $27,250. Genie Analytics approaches you with their patented ability to perfectly predict the future. What is the maximum you would be willing to pay Genie for their perfect information

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You have written your first novel! You can auction it off to publishers, or you can self-publish it....