For what range is y optimal

Reference no: EM131329644

Suppose that utility payoffs depend on decisions and states as shown in Table 1.3. Letp(θ1,),p(θ2)) denote the decision-makers subjective probability distribution over Ω = {θ1 ,θ2}.

a. Suppose first that B = 35. For what range of values of p(θ1) is a optimal? For what range is 13 optimal? For what range is y optimal? Is any decision strongly dominated? If so, by what randomized strategies?

b. Suppose now that B = 20. For what range of values of p(θ1 ) is a optimal? For what range is 13 optimal? For what range is y optimal? Is any decision strongly dominated? If so, by what randomized strategies?

c. For what range of values for the parameter ß is the decision 13 strongly dominated?

Table Expected utility payoffs for states θ_{1 and}θ₂
Decision	θ1	θ₂
α	15	90
β	B	75
γ	55	40

Reference no: EM131329644

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