Problem 13-29 (Algorithmic)Three decision makers have assessed utilities for the following decision problem (payoff in dollars):100806030Decision Alternative S₁The indifference probabilities are as follows:-10-80did2Payoff Decision maker A1.000.950.850.750.600.00Indifference Probability (p)Decision maker AEU(01) -EU(42) =Recommended decision: di ✔Decision maker BEU(01) -EU(02) =Recommended decision: d2 ✔Decision maker CEU(d1) =State of NatureS₂EU(02) =Recommended decision: d2d2✔308060100Find a recommended decision for each of the three decision makers, if P(S1) = 0.25, P(S2)= 0.45, and P($3)= 0.30. (Note: For the same decision problem, different utilities can lead to different decisions.) If required, round your answers to two decimal places.Decision maker B1.000.800.700.550.250.00S₁-10-80Decision maker C1.000.85T0.750.600.500.00

Decision maker A: EU(d1) = 0.75EU(d2) = 0.6875 = 0.69 (Rounded to 2 decimal places) Recommended…

Answered: Problem 13-29 (Algorithmic) Three…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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27. An enquiry into the budgetk of the middle class families in Mumbai gave the following information : Fuel 10% Misc. 20%· Еxpenditure Price (2002) Rs. Price (2003) Rs. Food 35% Rent 15% Clothing 20% 100 20 60 150 50 174 60 125 25 90 The cost of living index in 2003 is : (A) 116.10 (В) 126.10 (C) 136.10 (D) 146.10.
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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 expected value?
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Refer to the following payoff table: State of Nature Alternative S1 S2 A1 75 −40 A2 0 100 Prior Probability 0.6 0.4 There is an option of paying $100 to have research conducted to better predict which state of nature will occur. When the true state of nature is S1, the research will accurately predict S1 60% of the time. When the true state of nature is S2, the research will accurately predict S2 80% of the time. What is the posterior probability of S1 given that the research predicts S1? Multiple Choice: 0.18 0.82 0.57 0.44 0.65

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