Decision Analysis Georgia

Decision Analysis Georgia - Determine the best crop to...

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Decision Analysis A farmer in Georgia must decide which crop to plant next year on his land: corn, peanuts, or soybeans. The return from each crop will be determined by whether a new trade bill with Russia passes the Senate. The profit the farmer will realize from each crop, given the two possible results on the trade bill, is shown in the following payoff table:
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Unformatted text preview: Determine the best crop to plant, using the following decision criteria. a. Maximax b. Maximin c. Minimax regret d. Hurwicz (a = .3) e. Equal likelihood (a) corn; (b) soybeans; (c) corn; (d) soybeans; (e) corn...
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