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A payoff table is given as S1 S2 S3 D1 250 750 500 D2 300 -250 1200 D3 500 500 600 Requested: a. What choice
A payoff table is given as
S1 | S2 | S3 | ||||||||||
D1 | 250 | 750 | 500 | |||||||||
D2 | 300 | -250 | 1200 | |||||||||
D3 | 500 | 500 | 600 | |||||||||
Requested: | ||||||||||||
a. What choice should be made by the optimistic decision maker? | ||||||||||||
b. What choice should be made by the conservative decision maker? | ||||||||||||
c. What decision should be made under minimal regret? | ||||||||||||
d. If the probabilities of d1, d2, and d3 are .2, .5, and .3, respectively, then what choice should be made under expected value? | ||||||||||||
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