evie Stone, a bellhop at the Royal Sundown Hotel in Atlanta, has been offered a management position.

1. Stevie Stone, a bellhop at the Royal Sundown Hotel in Atlanta, has been offered a management position. Although accepting the offer would assure him a job if there were a recession, if good economic conditions prevailed, he would actually make less money as a manager than as a bellhop (because of the large tips he gets as a bellhop). His salary during the next 5 years for each job, given each future economic condition, is shown in the following payoff table:

 

Economic Conditions

Decision

Good

Recession

Bellhop

$120,000

$60,000

Manager

85,000

85,000

Select the best decision, using the following decision criteria.

  1. Stevie Stone, a bellhop at the Royal Sundown Hotel in Atlanta, has been offered a management position. Although accepting the offer would assure him a job if there were a recession, if good economic conditions prevailed, he would actually make less money as a manager than as a bellhop (because of the large tips he gets as a bellhop). His salary during the next 5 years for each job, given each future economic condition, is shown in the following payoff table:
     

    Economic Conditions

    Decision

    Good

    Recession

    Bellhop

    $120,000

    $60,000

    Manager

    85,000

    85,000

    Select the best decision, using the following decision criteria.

    1. Minimax regret
    2. Hurwicz (a= .4)
    3. Equal likelihood
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