The hurwiz method, Mathematics

The Hurwiz method

Hurwiz method was the concept of coefficient of optimism or pessimism introduced by L. Hurwicz. The decision maker takes into account both the minimum and maximum pay off for every alternative and assigns them weights according to his degree of optimism or pessimism. The alternative that maximizes the sum of these weighted payoffs is then chosen

 

Posted Date: 2/19/2013 2:46:48 AM | Location : United States







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