Consider a decision analysis problem whose payoffs (in units of thousands of euros) are given by the following payoff ta

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Consider A Decision Analysis Problem Whose Payoffs In Units Of Thousands Of Euros Are Given By The Following Payoff Ta 1 (30.83 KiB) Viewed 114 times

Consider a decision analysis problem whose payoffs (in units of thousands of euros) are given by the following payoff table: State of Alternative . 30 3 0 0.41 40 050 Per pray a) Which alterative should be chosen under the maximin payoff criterion? (6 p.). b) Which alternative should be chosen under the maximum likelihood criterion? (6 p.) c) Which alternative should be chosen under Bayes' decision rule? (6 p.) d) Using Bayes" decision rule, do sensitivity analysis graphically with respect to the prior probabilities to determine the crossover points where the decision shifts from one alternative to another. (6 p.) c) Use algebra to solve for the crossover points identified in part (d). (6 p.)