The model in Example 9.3 has only two market outcomes, good and bad, and two corresponding predictions,
Question:
The model in Example 9.3 has only two market outcomes, good and bad, and two corresponding predictions, good and bad. Modify the decision tree by allowing three outcomes and three predictions, good, fair, and bad. You can change the inputs to the model (monetary values and probabilities) in any reasonable way you like. Then you will also have to modify the Bayes’ rule calculations. You can decide whether it is easier to modify the existing tree or start from scratch with a new tree.
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One way to modify the decision tree in Example 93 to allow for three outcomes good fair and bad and ...View the full answer
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Related Book For 
Practical Management Science
ISBN: 978-1305250901
5th edition
Authors: Wayne L. Winston, Christian Albright
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