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Decision Analysis and Stable Supply Surplus

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Consider the following Pay-off Table:

Decision Alternatives.........Shortage........Stable Supply........Surplus
Motel...................................$-8000..............$15,000............$20,000
Food Restaurant.................$2,000................$8,000.............$6,000
Movie Theater.....................$6,000................$6,000.............$5,000

What are the decisions for Maximax, Maximin, Minimax Regret, Hurwicz (alpha=0.4) and Equal Likehood Criterion?

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Solution Summary

The solution is comprised of detailed step-by-step calculations involving the various aspects of Decision Analysis and provides students with a clear perspective of Maximax Criterion, Maximin Criterion, Minimax Regret Criterion, Hurwicz Criterion and Equal Likelihood Criterion.

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