Bayes’ Decision Rule Discussion Questions
Bayes’ Decision Rule Discussion Questions
QUESTION 7
Refer to the following payoff table.
|
Alternative |
High |
Medium |
Low |
|
A |
8 |
10 |
5 |
|
B |
15 |
10 |
12 |
|
C |
17 |
11 |
13 |
|
D |
10 |
12 |
11 |
|
E |
30 |
20 |
-18 |
|
Prior Probability |
0.3 |
0.2 |
0.5 |
The Bayes’ decision rule strategy is:
|
A. A |
||
|
B. B |
||
|
C. C |
||
|
D. E |
QUESTION 10
Please refer to the following payoff table.
|
Alternative |
Yes |
No |
|
Small Medium Medium Large Large Extra Large |
10 20 30 40 60 |
30 40 45 35 20 |
|
Prior Probability |
0.3 |
0.7 |
The Bayes’ decision rule strategy is:
|
A. small |
||
|
B. medium large |
||
|
C. large |
||
|
D. extra large |
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