Determine the best crop to plant

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Reference no: EM1327688

A farmer in Holland must decide which crop to plant next season: Wheat, corn, or Barley. The return on each will be determined by weather conditions. The profit the farmer will realize from each crop, given the weather conditions, is shown in the following table:

State of Nature

Good Bad

Wheat 100,000 32,000

Corn 60,000 40,000

Barley 80,000 20,000

Determine the best crop to plant according to the following decision criteria.

(a) Maximax

(b) Maximin

(d) Hurwicz (alpha = .4)

(e) Equal likelihood

Reference no: EM1327688

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