- Class Exercise 1- Draw a decision matrix that illustrates the decisi.pdf
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The document outlines two class exercises focused on decision-making processes. The first exercise involves creating a decision matrix regarding purchasing a lottery ticket, while the second requires formulating a hypothetical decision scenario and representing it in a decision matrix, identifying its state of nature, alternatives, and outcomes. These exercises aim to enhance understanding of decision theory and matrix applications.
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- Class Exercise 1- Draw a decision matrix that illustrates the decisi.pdf
- 1. - Class Exercise 1: Draw a decision matrix that illustrates the decision whether or not to buy a ticket in a lottery. Class Exercise 2: Formulate a hypothetical decision scenario and represent it by a decision matrix; and deduce its: i. State of nature. ii. Alternatives or courses of action. iii. Outcome.