The New England Bombers professional basketball team just missed making the playoffs last season and believes it only needs to sign one very good free agent to make the playoffs next season. The team is considering four players: Jamelle Morris, Rayneal Oâ€™Neal, Marvin Jackson, and Michael Gordon. Each player differs according to position, ability, and attractiveness to fans. The payoffs (in $ millions) to the team for each player based on their contract, profits from attendance, and team product sales for several different seasonal outcomes are provided in the following table.
Determine the best decision using the following decision criteria
c. Hurwicz ()
d. Equal likelihood
e. The Bombersâ€™ management has determined the following probabilities of the occurrence of each future seasonal outcome for each player.
Compute the expected value for each player and indicate which player the team should try to sign.