Q1) Oakland Bombers professional basketball team presently missed making playoffs last season and thinks it requires to sign only one very good free agent to make playoffs next season. Team is thinking of four players: Barry Byrd, Rayneal O'Neil, Marvin Johnson, and Michael Gordan. Each player varies according to position, ability, and attractiveness to fans. Payoffs( in $1,000,000s) to team for each player, based on contract, profits from attendance, and team product sales for many different season outcomes, are given in following table
|
Season Outcome
|
|
Player
|
Loser
|
Competitive
|
Makes Playoffs
|
|
Byrd
|
$-3.2
|
$ 1.3
|
4.4
|
|
O'Neil
|
-5.1
|
1.8
|
6.3
|
|
Johnson
|
-2.7
|
0.7
|
5.8
|
|
Gordan
|
-6.3
|
-1.6
|
9.6
|
Find out best decision, by using following decision criteria.
i) Maximan
ii) Maximix
iii) Hurwicz (α = .60)
iv) Equal Likelihood