Question 1

In a ________ game each player adopts a single strategy as an optimal strategy.

Accepted Answer

The answer of In a ________ game each player adopts...

Question 2

In a zero-sum game, one player's gains represent another's exact losses.

Accepted Answer

A) True 
 B)False

Question 3

Determining the worst payoff for each alternative and choosing the alternative with the best of the worst payoffs is called a ________ criterion.

Accepted Answer

A)  maximin 
B)  minimin 
C)  maximax 
D)  minimax 
A)  maximin 
B)  minimin 
C)  maximax 
D)  minimax

Question 4

A tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a

Accepted Answer

A)  decision tree. 
B)  payoff table. 
C)  feasible region. 
D)  payback matrix. 
A)  decision tree. 
B)  payoff table. 
C)  feasible region. 
D)  payback matrix.

Question 5

In a pure strategy game, each player adopts a single strategy as an optimal strategy.

Accepted Answer

A) True 
 B)False

Question 6

Two companies are about to make a decision regarding an investment in a new promotional campaign. Company A will either advertise in all media or advertise in newspapers only. Company B will either run a sweepstake or run a big sale. The payoff matrix is shown below. $\begin{array} { l l c c } 
\hline && { \text { Company B } } \
&& \mathrm { B } _ { 1 } : \text { Run a } & \mathrm { B } _ { 2 } : \text { Run a } \
&& \text { sweepstakes } & \text { big sale } \
\hline & \begin{array} { l } 
\text { A1: Advertise } \
\text { in all media }
\end{array} & 4 &-1 \
\text { Company A } & \begin{array} { l } 
\text { A2: Advertise } \
\text { in newspapers only }
\end{array} & - 2 & 1 \
\hline
\end{array}$

Determine the proportion of time that each company should employ each strategy.

Accepted Answer

Company A: Adopt A1 strategy 3

Question 7

With the minimax criterion, each player seeks to minimize maximum possible losses.

Accepted Answer

A) True 
 B)False

Question 8

A point of equilibrium is a value that is simultaneously the maximum of a row and the minimum of a column.

Accepted Answer

A) True 
 B)False

Question 9

Given the following payoff table:
 $$\begin{array} { l l l } 
& \text { A } & \text { B } \
1 & 20 & 10 \
2 & 4 & 15
\end{array}$$ What is the value of the game?

Accepted Answer

The answer of Given the following payoff table:
 \[\begin{array} {...

Question 10

In the expected ________ method, a plan of strategies is determined by each player so that expected gain of one equals the expected loss of the other.

Accepted Answer

The answer of In the expected ________ method, a plan...

Question 11

A ________ is a plan of action followed by a player.

Accepted Answer

A)  game situation 
B)  strategy 
C)  value of the game 
D)  best strategy 
E)  pure strategy 
A)  game situation 
B)  strategy 
C)  value of the game 
D)  best strategy 
E)  pure strategy

Question 12

In a strategy it is assumed that the payoff table is known to all players.

Accepted Answer

A) True 
 B)False

Question 13

The payoffs for a mixed strategy game assumes that the game is played many times.

Accepted Answer

A) True 
 B)False

Question 14

The maximin approach to decision making refers to

Accepted Answer

A)  minimizing the maximum return. 
B)  maximizing the minimum return. 
C)  maximizing the maximum return. 
D)  minimizing the minimum return. 
A)  minimizing the maximum return. 
B)  maximizing the minimum return. 
C)  maximizing the maximum return. 
D)  minimizing the minimum return.

Question 15

The ________ for a mixed strategy game assumes that the game is played many times.

Accepted Answer

The answer of The ________ for a mixed strategy game...

Question 16

Two companies are about to make a decision regarding an investment in a new promotional campaign. Company A will either advertise in all media or advertise in newspapers only. Company B will either run a sweepstake or run a big sale. The payoff matrix is shown below. $\begin{array} { l l c c } 
\hline &&  { \text { Company B } } \
& &\mathrm { B } _ { 1 } : \text { Run a } & \mathrm { B } _ { 2 } : \text { Run a } \
& &\text { sweepstakes } & \text { big sale } \
\hline & \begin{array} { l } 
\text { A1: Advertise } \
\text { in all media }
\end{array} & 4 &-1 \
\text { Company A } & \begin{array} { l } 
\text { A2: Advertise } \
\text { in newspapers only }
\end{array} & - 2 & 1 \
\hline
\end{array}$
Determine the proportion of time that Company B should employ each strategy.

Accepted Answer

A)  B1: 12.5%, B2: 87.5% 
B)  B1: 25%, B2: 75% 
C)  B1: 37.5%, B2: 62.5% 
D)  B1: 50%, B2: 50% 
E)  B1: 62.5%, B2:37.5% 
A)  B1: 12.5%, B2: 87.5% 
B)  B1: 25%, B2: 75% 
C)  B1: 37.5%, B2: 62.5% 
D)  B1: 50%, B2: 50% 
E)  B1: 62.5%, B2:37.5%

Question 17

A point of equilibrium is a value that is simultaneously the minimum of a row and the maximum of a column.

Accepted Answer

A) True 
 B)False

Question 18

In a pure strategy game the optimal strategy for each player results in the same payoff, called an ________ point.

Accepted Answer

equilibriu

Question 19

$$\begin{array} { | c | c | c | c | } 
\hline & \text { s1 } & \text { s2 } & \text { s3 } \
\hline \mathrm { d } _ { 1 } & 10 & 8 & 6 \
\hline \mathrm { d } _ { 2 } & 14 & 15 & 2 \
\hline \mathrm { d } _ { 3 } & 7 & 8 & 9 \
\hline
\end{array}$$ 
What decision should be made by the conservative decision maker?

Accepted Answer

The answer of \[\begin{array} { | c | c |...

Question 20

$$\begin{array} { | l | c | r | r | } 
\hline & \text { s1 } & \text { s2 } & \text { s3 } \
\hline \mathrm { d } _ { 1 } & 10 & 8 & 6 \
\hline \mathrm { d } _ { 2 } & 14 & 15 & 2 \
\hline \mathrm { d } _ { 3 } & 7 & 8 & 9 \
\hline
\end{array}$$ 
What decision should be made by the optimistic decision maker?

Accepted Answer

The answer of \[\begin{array} { | l | c |...

In a ________ game each player adopts a single strategy as an optimal strategy.

In a zero-sum game, one player's gains represent another's exact losses.

Determining the worst payoff for each alternative and choosing the alternative with the best of the worst payoffs is called a ________ criterion.

A tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a

In a pure strategy game, each player adopts a single strategy as an optimal strategy.

With the minimax criterion, each player seeks to minimize maximum possible losses.

A point of equilibrium is a value that is simultaneously the maximum of a row and the minimum of a column.

Given the following payoff table: A B 1 20 10 2 4 15 What is the value of the game?

In the expected ________ method, a plan of strategies is determined by each player so that expected gain of one equals the expected loss of the other.

A ________ is a plan of action followed by a player.

In a strategy it is assumed that the payoff table is known to all players.

The payoffs for a mixed strategy game assumes that the game is played many times.

The maximin approach to decision making refers to

The ________ for a mixed strategy game assumes that the game is played many times.

A point of equilibrium is a value that is simultaneously the minimum of a row and the maximum of a column.

In a pure strategy game the optimal strategy for each player results in the same payoff, called an ________ point.

s1 s2 s3 10 8 6 14 15 2 7 8 9 What decision should be made by the conservative decision maker?

s1 s2 s3 10 8 6 14 15 2 7 8 9 What decision should be made by the optimistic decision maker?

Management Science

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Markov Analysis

Filters

Exam 21: Game Theory

In a ________ game each player adopts a single strategy as an optimal strategy.

In a zero-sum game, one player's gains represent another's exact losses.

Determining the worst payoff for each alternative and choosing the alternative with the best of the worst payoffs is called a ________ criterion.

A tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a

In a pure strategy game, each player adopts a single strategy as an optimal strategy.

With the minimax criterion, each player seeks to minimize maximum possible losses.

A point of equilibrium is a value that is simultaneously the maximum of a row and the minimum of a column.

Given the following payoff table: A B 1 20 10 2 4 15 What is the value of the game?

In the expected ________ method, a plan of strategies is determined by each player so that expected gain of one equals the expected loss of the other.

A ________ is a plan of action followed by a player.

In a strategy it is assumed that the payoff table is known to all players.

The payoffs for a mixed strategy game assumes that the game is played many times.

The maximin approach to decision making refers to

The ________ for a mixed strategy game assumes that the game is played many times.

A point of equilibrium is a value that is simultaneously the minimum of a row and the maximum of a column.

In a pure strategy game the optimal strategy for each player results in the same payoff, called an ________ point.

s1 s2 s3 10 8 6 14 15 2 7 8 9 What decision should be made by the conservative decision maker?

s1 s2 s3 10 8 6 14 15 2 7 8 9 What decision should be made by the optimistic decision maker?

Management Science

Linear Programming: Model Formulation and Graphical Solution

Linear Programming: Computer Solution and Sensitivity Analysis

Linear Programming: Modeling Examples

Integer Programming

Transportation, Transshipment, and Assignment Problems

Network Flow Models

Project Management

Multicriteria Decision Making

Nonlinear Programming

Probability and Statistics

Decision Analysis

Queuing Analysis

Simulation

Forecasting

Inventory Management

the Simplex Solution Method

Transportation and Assignment Solution Methods

Integer Programming: the Branch and Bound Method

Nonlinear Programming: Solution Techniques

Markov Analysis

Filters