On the Role of Mixed Strategies in Elementary Decision Analysis and Related Decision-Support-System Treatments |
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Authors: | Marvin D Troutt M Diane Pettypool |
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Institution: | 1.Southern Illinois University,Carbondale,USA;2.Southeast Missouri University,Cape Girardeau,USA |
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Abstract: | We first demonstrate that mixed strategies are relevant in decision analysis for a maximin decision-maker quite apart from any game-theory considerations. This rectifies the apparent misconception that results from MS/OR textbooks which discuss mixed strategies only in the game-theory setting. Next we show an example of an implementable mixed strategy, by which we mean a mixed decision strategy which does not require randomization for its implementation. This application is to portfolio construction. |
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