Using the decision table for this problem, choose the best decision for Texas Oil using the following
Question:
Using the decision table for this problem, choose the best decision for Texas Oil using the following criterion:
a. Maximax
b. Maximin
c. Equally likely
d. Minimax regret
e. Hurwicz using a = 0.4 Texas Oil owns a parcel of land that has the potential for containing much oil, some oil, or no oil underground. The company needs to decide whether or not to drill on this parcel. The payoffs are as follows in millions of dollars:
Underground Oil Option Much Oil Some Oil No Oil Drill $2 $0.7 -$1.8 Don’t drill $0 $0 $0.AppendixLO1
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