How your approach would work using the umbrella problem

Assignment Help Engineering Mathematics
Reference no: EM131524121

Question: Most of us have a hard time assessing probabilities with much precision. For instance, in assessing the probability of rain tomorrow, even carefully considering the lotteries and trying to adjust a wheel of fortune to find the indifference point, many people would eventually say something like this: "If you set p = 0.2, I'd take Lottery A, and if p = 0.3, I'd take Lottery B. My indifference point must be somewhere in between these two numbers, but I am not sure where." How could you deal with this kind of imprecision in a decision analysis? Illustrate how your approach would work using the umbrella problem (Figure).

(The question is not how to get more precise assessments. Rather, given that the decision maker refuses to make precise assessments, and you are stuck with imprecise assessments, what kinds of decision-analysis techniques could you apply to help the individual make a decision?)


Reference no: EM131524121


Write a Review


Engineering Mathematics Questions & Answers

  Kind of t-shirt should the club order

It will sell "ordinary" T-shirts at profit of $4 each, "fancy" T-shirts at profit of $5 each, and "very fancy" T-shirts at a profit of $4 each. How many of each kind of T-shirt should the club order to maximize profit?

  How is the accounting rate of return calculated

Discuss the ways in which long-term asset management differs from dayto-day budgeting.

  Formulate integer optimization model

Four items are considered for loading on an airplane, which has a capacity to load up to 25 metric ton. The weights and values of the items are provided in the table.

  1bsp consider the sinusoidal signalxt 8 sin6pit

1.nbsp consider the sinusoidal signalxt 8 sin6pit phi0.assume phi0 pi4 for this question andnbspphi0 0 for the

  Sitting in an account earning

Suppose you have $13,500 sitting in an account earning 10%. What will that be worth in 10 years time? What will it be worth if you can also figure out a way to deposit $1,000 each year for the next 10 years as well.

  Find out what it takes to qualify for a loan

Select a financial institution and find out what it takes to qualify for a loan. Try to understand the rationale for the institution's rules, policies, and guidelines about loan approval.

  Develop the appropriate null and alternative hypotheses

Carpetland salespersons average S8000 per week in sales. Steve Contois. the firm's vice president, proposes a compensation plan with new selling incentives.

  What is the regular expressions

Prove that if A is a regular set whose symbols come from the alphabet I, then I* - A is a regular set. A number of programming languages define.

  Construct the payoff matrix

Cournot duopolists face the inverse demand function p = 200 - 0.5X, where p is selling price and X is the total output of both firms.

  Develop system equations for the steady-state probabilities

Develop the system equations for the steady-state probabilities for a single operator servicing three machines. What type of difficulties will have to be.

  Fourier series

Behaviour of the functions at their end and midpoints points to suggest features that increase the convergence and those that are bad for convergence.

  Solve the final nonlinear equation in the problem statement

Solving the final nonlinear equation in the problem statement for θ. Once θ is known, you can this solve for the location of the football, i.e., solve for x and y using a series (or vector) of time values.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd