A farmer in Georgia must decide which crop to plant next year on his land: corn, peanuts,
Question:
Determine the best crop to plant, using the following decision criteria.
a. Maximax
b. Maximin
c. Minimax regret
d. Hurwicz (α = .3)
e. Equallikelihood
Transcribed Image Text:
Trade Bill Pass Crop Corn Peanuts Soybeans Fail $35,000 8,000 12,000 20,000 18,000 22,000
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a Plant corn maximax payoff 35000 b Plant soybeans maximin payoff 20000 c Pass ...View the full answer
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