         EXPECTED VALUE ANALYSIS

THERE ARE MANY SITUATIONS FOR WHICH THE FINAL RESULT IS
A MONETARY PAYOFF BUT FOR WHICH THE AMOUNT OF THE PAYOFF
IS UNCERTAIN. IF WE CAN SOMEHOW MAKE A LIST OF THE POSSIBLE
PAYOFFS AND THEIR RELATIVE LIKELIHOODS OF OCCURRENCE THEN
THE CONCEPT OF EXPECTED VALUE MAY BE USED TO COMPUTE AN
'AVERAGE' PAYOFF. THE PRESENT PROGRAM COMPUTES THE EXPECTED
VALUE OR AVERAGE PAYOFF OF A SITUATION AS THE ABOVE.
INPUT INCLUDES A PAYOFF AND A PROBABILITY FOR EACH
POSSIBLE RESULT. THE PROBABILITY IS A NUMBER BETWEEN 0 AND 1
REPRESENTING LIKELIHOOD OF OCCURRENCE. THE PROBABILITIES
SHOULD REALLY SUM TO 1 BUT THE PROGRAM WILL NORMALIZE THEM.
THUS,E.G. THE USER MUST ONLY NOTE THAT A PROBABILITY OF .4
MEANS TWICE AS LIKELY TO OCCUR AS A PROBABILITY O .2 .
PRESS ENTER TO BEGIN? 
FOR EACH POSSIBLE PAYOFF INPUT PAYOFF AMOUNT AND PROBAILITY.
INPUT 0,0 TO COMPLETE ENTRY AND TO DO COMPUTATION.

ENTRY 1 ENTER PAYOFF,PROBAILITY (0,0 TO END)? 23,0.11
ENTRY 2 ENTER PAYOFF,PROBAILITY (0,0 TO END)? 34,0.22
ENTRY 3 ENTER PAYOFF,PROBAILITY (0,0 TO END)? 45,0.33
ENTRY 4 ENTER PAYOFF,PROBAILITY (0,0 TO END)? 56,0.44
ENTRY 5 ENTER PAYOFF,PROBAILITY (0,0 TO END)? 0,0
IS LINE PRINTER OUTPUT DESIRED(Y/N)? Y
ENTRY    VALUE        PROB.      PROB.       ENTRY
                      ENTERED    STANDARD    EXP VAL
   1       23.00       0.110       0.100          2.30
   2       34.00       0.220       0.200          6.80
   3       45.00       0.330       0.300         13.50
   4       56.00       0.440       0.400         22.40

               EXPECTED VALUE EQUALS             45.00

ENTER 1 FOR MORE COMPUTATION,0 TO END? 0
