John faces the following decision problem: With 5 h of study per day, John estimates that there
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John faces the following decision problem:
With 5 h of study per day, John estimates that there are three different numbers of points he can get on the midterm: 80 with high confidence, 60 with average confidence, and 50 with low confidence. He also has two other possible actions:
studying 0 h per day and studying 10 h per day. Estimate the points he can get on the midterm in each of the three states: high, average, and low. Try to use the maximin criterion to choose the best action and specify the most points he can get on the midterm.
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Related Book For
Statistics For Business And Financial Economics
ISBN: 9781461458975
3rd Edition
Authors: Cheng Few Lee , John C Lee , Alice C Lee
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