A payoff table is given as S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 a. What choice should be made by the optimistic decision maker? b. What choice should be made by the conservative decision maker? c. What decision should be made under minimax regret? d. If the probabilities of d1, d2, and d3 are .2, .5, and .3 respectively, then what choice should be made under expected value?
A payoff table is given as S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 a. What choice should be made by the optimistic decision maker? b. What choice should be made by the conservative decision maker? c. What decision should be made under minimax regret? d. If the probabilities of d1, d2, and d3 are .2, .5, and .3 respectively, then what choice should be made under expected value?
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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A payoff table is given as
| S1 | S2 | S3 | |
| D1 | 250 | 750 | 500 |
| D2 | 300 | -250 | 1200 |
| D3 | 500 | 500 | 600 |
a. What choice should be made by the optimistic decision maker?
b. What choice should be made by the conservative decision maker?
c. What decision should be made under minimax regret?
d. If the probabilities of d1, d2, and d3 are .2, .5, and .3 respectively, then what choice should be made under
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