         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                                        
