The equally likely decision criterion is equivalent to a maxi-mean rule. A related, but not necessarily equivalent

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The “equally likely” decision criterion is equivalent to a “maxi-mean” rule. A related, but not necessarily equivalent rule would be “maxi-median”. Apply a “maxi-median” rule to the following payoff table. Which alternative is best under this rule? Is it the same as the best alternative under the “equally likely” rule?

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Managerial Decision Modeling Business Analytics With Spreadsheet

ISBN: 9781501515101

4th Edition

Authors: Nagraj Balakrishnan, Barry Render, Ralph Stair, Charles Munson

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