Statistics/Probability problem is as follows:
Determine the best decision, using the following decision criteria; (1) Maximax, (2) Maximin, (3) Hurwicz (a=.60), and (4) Equal likelihood.
Player Loser
Byrd $ -3.2 $ 1.3 4.4
O'Neil - 5.1 1.8 6.3
Johnson - 2.7 0.7 5.8
Gordan - 6.3 - 1.6 9.6
Please help, asap.
Aina
Determine the best decision, using the following decision criteria; (1) Maximax, (2) Maximin, (3) Hurwicz (a=.60), and (4) Equal likelihood.
Player Loser
Byrd $ -3.2 $ 1.3 4.4
O'Neil - 5.1 1.8 6.3
Johnson - 2.7 0.7 5.8
Gordan - 6.3 - 1.6 9.6
Please help, asap.
Aina