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Decision analysis - complete uncertainty

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Decision analysis: complete uncertainty

(a) A decision maker has formulated the following payoff (profits) matrix:

 

s1

s2

s3

s4

a1

4

7

9

7

a2

6

5

2

3

a3

8

9

5

1

a4

3

4

3

8

a5

10

0

6

4

 

What action should (s)he select if (s)he followed the criterion of:

(i) Maximin?

(ii) Maximax?

(iii) Laplace?

(iv) Minimax Regret?

Reference no: EM13180009

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