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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