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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