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1. Under what conditions may a properly formulated model become useless as an aid in decision making? 2. Discuss the maximin and the maximax rules

1. Under what conditions may a properly formulated model become useless as an aid in decision making?

2. Discuss the maximin and the maximax rules as special cases of the Hurwicz rule.

3. What should be done with those facets of a decision situation that cannot be explained by the model being used?

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