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1. Consider the decision table given below. Find which Profits decision will be taken, as a function of c (a real number) according to a. Wald's criterion, Laplace's criterion, and Hurwicz's criterion (take a-0.6). NI N2 N3 23 N4 SI C 3 4 6 S2 2 2 2 4 $3 3 b. Find the range(s) of c for which all three methods S4 6 120 1 9 6 1 3 uniquely lead to same alternative.

1. Consider the decision table given below. Find which Profits decision will be taken, as a function of c (a real number) according to a. Wald's criterion, Laplace's criterion, and Hurwicz's criterion (take a-0.6). NI N2 N3 23 N4 SI C 3 4 6 S2 2 2 2 4 $3 3 b. Find the range(s) of c for which all three methods S4 6 120 1 9 6 1 3 uniquely lead to same alternative.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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1. Consider the decision table given below. Find which Profits NI N2 N3 N4 decision will be taken, as a function of c (a real number) according to a. Wald's criterion, Laplace's criterion, and Hurwicz's criterion (take a-0.6). b. Find the range(s) of c for which all three methods uniquely lead to same alternative. SI 3. 4 6. S2 2 4 S3 6. S4 6. 6
Transcribed Image Text:1. Consider the decision table given below. Find which Profits NI N2 N3 N4 decision will be taken, as a function of c (a real number) according to a. Wald's criterion, Laplace's criterion, and Hurwicz's criterion (take a-0.6). b. Find the range(s) of c for which all three methods uniquely lead to same alternative. SI 3. 4 6. S2 2 4 S3 6. S4 6. 6
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