Final Question (no matter what question you choose to do): A community along the Indian Ocean is deciding whether to wat

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Final Question No Matter What Question You Choose To Do A Community Along The Indian Ocean Is Deciding Whether To Wat 1 (91.8 KiB) Viewed 95 times

Final Question (no matter what question you choose to do): A community along the Indian Ocean is deciding whether to waterproof their town in case a tsunami occurs. Suppose that the probability of a large tsunami is 1/3. Look at the following decision matrix and figure out what choice the community should make according to both the Minimax Rule and the Expected Utility Rule. Are the choices between these two rules the same or different? If the rules disagree, how should the town decide? Choices\Scenarios Tsunami No Tsunami Waterproofing $5,000,000 $3,000,000 No Waterproofing $10,000,000 $0