question archive 1) Consider your payoff as the sum of the year 1 and year 2 profits (or losses)
1) Consider your payoff as the sum of the year 1 and year 2 profits (or losses)
Subject:BusinessPrice: Bought3
1) Consider your payoff as the sum of the year 1 and year 2 profits (or losses). What is the maximax strategy? Provide a table to justify your answer.
2) What is the maximin strategy? Provide a table to justify your answer.
3) What is the minimax regret strategy? Provide a table to justify your answer.
4) What is the maximum expected payoff strategy and what is the expected profit under this strategy? Justify your answer with a decision tree. You may use any program such as Powerpoint, Excel, OneNote, or Paint to represent your decision tree. You may even neatly draw it on paper, scan it, and attach it to the homework. The main thing is that it is understandable. Points will be deducted if it's not clear what's being represented.
