Difference between equivalence rule and substitution rule

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Reference no: EM132232902

1) What is a decision?

2) How will you distinguish between a good and a bad decision?

What are the premises behind this distinction?

3) Your friend provides the following rank order of six preferences.

Is he consistent with the order rule?

(a) A > B > C > E > F = D

(b) A > B, C > E, C > B, F = D

(d) A = B = C < E = F = D

(e) A > B > C, E > F > D, B > F

4) For the case (c) above the same friend provides the following preference probabilities. Is he consistent with the equivalence rule?

5) What is an axiom? What are the five rules of actional thought?

6) Describe the difference between the equivalence rule and the substitution rule.

7) What is the no heaven-no hell principle?

8) Explain range of negotiability, why is it important for decision making?

9) Solve the following decision trees using expected utility approach? Use the given utility function in each case.

Reference no: EM132232902

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