Referring to the previous problem, another possible criterion is called expected regret. Here you calculate the regret
Question:
a. Apply this criterion to the SciTools example. Which decision do you choose?
b. The expected regret criterion is actually equivalent to the EMV criterion, in that they always lead to the same decisions. Argue why this is true.
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Related Book For
Data Analysis and Decision Making
ISBN: 978-0538476126
4th edition
Authors: Christian Albright, Wayne Winston, Christopher Zappe
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