When Fred takes the direct route to work, he gets there in 20 minutes if no train
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When Fred takes the direct route to work, he gets there in 20 minutes if no train is at the railroad crossing. When a train is using the crossing, his travel time is 15 minutes longer. His alternative is a route that takes 30 minutes to travel, but has no traffic signals or other delays. Assuming that shorter transit times are more desirable, which route will Fred select if he uses the maximin criterion? The maximax criterion? The minimax regret criterion?
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To help Fred make his decision one should construct a payoff table Fred has two alternatives the dir...View the full answer
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