Question

A decision d is said to be dominated by another decision D if, for every outcome, the payoff from D is better than (or no worse than) the payoff from d.
a. Explain why you would never choose a dominated decision using the maximin criterion, the maximax criterion, or the EMV criterion.
b. Are any of the decisions in the example in Simple Decision Problem.xlsx dominated by any others? What about in the SciTools example?



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  • CreatedApril 01, 2015
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