Consider the following decision table with rewards in $ millions. $\begin{array}{r}\text { State of Nature }\\(\begin{array}{|c|c|c|c|}\hline\text { Decision Alternatives } & S_{1} & S_{2} & S_{3} \\\hline d_{1} & -1 & 2 & 8 \\\hline d_{2} & -3 & y & 5 \\\hline d_{3} & -0.5 & 0.75 & 1 \\\hline d_{4} & 0 & 0 & 0 \\\hline d_{5} & -1 & -1 & -1\\\hline\end{array}\end{array}$
If you are using Hurwicz criterion with $\alpha$ = 0.3 and decide d₂, then y is ______.

Question

Consider the following decision table with rewards in $ millions.

\begin{array}{r}\text { State of Nature }\\(\begin{array}{|c|c|c|c|}\hline\text { Decision Alternatives } & S_{1} & S_{2} & S_{3} \\\hline d_{1} & -1 & 2 & 8 \\\hline d_{2} & -3 & y & 5 \\\hline d_{3} & -0.5 & 0.75 & 1 \\\hline d_{4} & 0 & 0 & 0 \\\hline d_{5} & -1 & -1 & -1\\\hline\end{array}\end{array}

If you are using Hurwicz criterion with

\alpha

= 0.3 and decide d₂, then y is ______.

Quizplus · Accepted Answer

The Answer of Consider the following decision table with rewards in $ millions. $\begin{array}{r} \text { State of Nature }\ (\begin{array}{|c|c|c|c|} \hline\text { Decision Alternatives } & S_{1} & S_{2} & S_{3} \ \hline d_{1} & -1 & 2 & 8 \ \hline d_{2} & -3 & y & 5 \ \hline d_{3} & -0.5 & 0.75 & 1 \ \hline d_{4} & 0 & 0 & 0 \ \hline d_{5} & -1 & -1 & -1\ \hline \end{array}\end{array}$ If you are using Hurwicz criterion with $\alpha$ = 0.3 and decide d₂, then y is ______. A)undetermined; there is not enough information to find the answer B)unfeasible; there is no value of y that would make you choose d₂ C)larger than 3.71 D)larger than 8 E)larger than 12.67

Consider the Following Decision Table with Rewards in $ Millions