Question: A farmer in Georgia must decide which crop to plant

A farmer in Georgia must decide which crop to plant next year on his land: corn, peanuts, or soybeans. The return from each crop will be determined by whether a new trade bill with Russia


Determine the best crop to plant, using the following decision criteria.
a. Maximax
b. Maximin
c. Minimax regret
d. Hurwicz (α = .3)
e. Equallikelihood
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  • CreatedJuly 17, 2014
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