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What decision should be made under minimax regret

Assignment Help Basic Statistics
Reference no: EM132422207

Problem: A payoff table is given as

      s1       s2       s3

d1       250     450     900

d2       500     250     700

d3       400     500     600

Required:

Question 1: What decision should be made under minimax regret?

Question 2: If the probabilities of s1, s2, and s3 are .5 .3, and .2, respectively, then what choice should be made under expected value?

Question 3: What choice should be made using the Hurwicz method, in which the coefficient of optimism is .8? (hint: in this method, only the most favorable and least favorable states of nature are used)

Reference no: EM132422207

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