A payoff table is given as

a.What decision should be made by the optimistic decision maker?
b.What decision should be made by the conservative decision maker?
c.What decision should be made under minimax regret?
d.If the probabilities of s₁, s₂, and s₃ are .2, .4, and .4, respectively, then what decision should be made under expected value?
e.What is the EVPI?

Question

A payoff table is given as
A payoff table is given as a.What decision should be made by the optimistic decision maker? b.What decision should be made by the conservative decision maker? c.What decision should be made under minimax regret? d.If the probabilities of s1, s2, and s3 are .2, .4, and .4, respectively, then what decision should be made under expected value? e.What is the EVPI?

A payoff table is given as a.What decision should be made by the optimistic decision maker? b.What decision should be made by the conservative decision maker? c.What decision should be made under minimax regret? d.If the probabilities of s<sub>1</sub>, s<sub>2</sub>, and s<sub>3</sub> are .2, .4, and .4, respectively, then what decision should be made under expected value? e.What is the EVPI?

a.What decision should be made by the optimistic decision maker?
b.What decision should be made by the conservative decision maker?
c.What decision should be made under minimax regret?
d.If the probabilities of s₁, s₂, and s₃ are .2, .4, and .4, respectively, then what decision should be made under expected value?
e.What is the EVPI?

Quizplus · Accepted Answer

The Answer of A payoff table is given as a.What decision should be made by the optimistic decision maker? b.What decision should be made by the conservative decision maker? c.What decision should be made under minimax regret? d.If the probabilities of s₁, s₂, and s₃ are .2, .4, and .4, respectively, then what decision should be made under expected value? e.What is the EVPI?

A Payoff Table Is Given as