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(a) Laplace criterion? (b) Maximin criterion? (c) Maximax criterion?

(a) Laplace criterion? (b) Maximin criterion? (c) Maximax criterion?

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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QUESTION SIX Consider the following payoff table. STATE OF NATURE S₁ S₂ S3 S₁ S5 So D₁ 7 6 9 11 10 12 D₂ 8 7 12 7 6 10 D₂ 12 10 6 8 9 12 Decision Alternative D₂ 7 14 11 6 7 11 D₂ 5 6 8 10 11 13 D₂ 9 12 12 9 8 If the decision maker is facing conditions of uncertainly, what decision would be made using? (a) Laplace criterion? (b) Maximin criterion? (c) Maximax criterion? (d) Savage criterion? (e) Hurwicz criterion? Use = 0.6. N
Transcribed Image Text:QUESTION SIX Consider the following payoff table. STATE OF NATURE S₁ S₂ S3 S₁ S5 So D₁ 7 6 9 11 10 12 D₂ 8 7 12 7 6 10 D₂ 12 10 6 8 9 12 Decision Alternative D₂ 7 14 11 6 7 11 D₂ 5 6 8 10 11 13 D₂ 9 12 12 9 8 If the decision maker is facing conditions of uncertainly, what decision would be made using? (a) Laplace criterion? (b) Maximin criterion? (c) Maximax criterion? (d) Savage criterion? (e) Hurwicz criterion? Use = 0.6. N
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