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The Oakland Bombers professional basketball team just missed making playoffs last season and thinks it needs to sign only one very good free agent to make playoffs next season. The team is considering four players: Barry Byrd, Rayneal O'Neil, Marvin Johnson, and Michael Gordan. Each player distinct according to position, ability, and attractiveness to fans. The payoffs (in $1,000,000s) to the team for each player, based upon the contract, profits from attendance, and team product sales for many different season outcomes, are provided 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 the best decision, using the following decision criteria.

a) Maximan

b) Maximix

c) Hurwicz (α = .60)

d) Equal Likelihood

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923093

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