by: Admin_LouisPosted on:

Which of the following is a compromise between the maximax (optimistic) and maximin (Pessimistic) decision criteria.

Which of the following is a compromise between the maximax (optimistic) and maximin (Pessimistic) decision criteria.

Bayes Criterion

Savage Criterion

Maximin Criterion

—>> Hurwicz Criterion

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  3. Using the information that follows, determine the optimal solution using the Hurwicz Criterion. Maximums: N500, N700, N400. Minimums: -75, -60, -50.
  4. The following are payoffs on maximum column, N25,000, N39,000, N49,000, N25,001. Determine the Optimum solution using the maximax criterion.

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