A decision d is dominated by another decision D if, for every outcome, the payoff from D

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A decision d is dominated by another decision D if, for every outcome, the payoff from D is better than (or no worse than) the payoff from d.

a. Explain why you would never choose a dominated decision, using the maximin criterion; using the maximax criterion; using the EMV criterion.

b. Are any of the decisions in the simple threedecision, three-outcome example dominated by any others? What about in the SciTools example?

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Practical Management Science, Revised

ISBN: 9781118373439

3rd Edition

Authors: Wayne L Winston, S. Christian Albright

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Question Posted: Oct 22, 2024 07:01 AM

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A decision d is dominated by another decision D if, for every outcome, the payoff from D

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Practical Management Science, Revised

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