Question 3. Construct cumulative risk profiles for each decision tree given below. Use these risk profiles to identify if any strategy dominates the other one. If so, determine if it is stochastic or deterministic dominance, explain why. (a) B w/prob. 0.1 w/prob. 0.2 w/prob. 0.6 w/prob. 0.1 w/prob. 0.7 w/prob. 0.3 B 20 10 6 51 5 -1 -2 -1 (c) 20 w/prob. 0.1 10 w/prob. 0.2 0 w/prob. 0.6 -10 w/prob. 0.1 20 w/prob. 0.1 10 w/prob. 0.2 0 w/prob. 0.6 -10 w/prob. 0.1 A B 18 8 -2 -12 19 9 -1 -11 (b) w/prob. 0.1 w/prob. 0.2 w/prob. 0.6 w/prob. 0.1 w/prob. 0.7 w/prob. 0.3 20 10 0 -10 5 -1

Question 3. Construct cumulative risk profiles for each decision tree given below. Use these risk profiles to identify if any strategy dominates the other one. If so, determine if it is stochastic or deterministic dominance, explain why. (a) B w/prob. 0.1 w/prob. 0.2 w/prob. 0.6 w/prob. 0.1 w/prob. 0.7 w/prob. 0.3 B 20 10 6 51 5 -1 -2 -1 (c) 20 w/prob. 0.1 10 w/prob. 0.2 0 w/prob. 0.6 -10 w/prob. 0.1 20 w/prob. 0.1 10 w/prob. 0.2 0 w/prob. 0.6 -10 w/prob. 0.1 A B 18 8 -2 -12 19 9 -1 -11 (b) w/prob. 0.1 w/prob. 0.2 w/prob. 0.6 w/prob. 0.1 w/prob. 0.7 w/prob. 0.3 20 10 0 -10 5 -1

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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