Being fair has been identified as an important criterion in regulation. How would you recognise fairness in a regulatory process and how would you illustrate either fairness or unfairness with examples from your reading? Regulatory economics is the economics of regulation which includes the application of the law by the Government for various goals such as centrally-planning an economy and also fixing markets failures in the economy. We must now discuss the main reasons on why regulation is necessary
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Centre for Advanced Composite Materials Part 4 - Slab Analysis (Force Balance) Method-1 Block Compression MANUFACTURING AND INDUSTRIAL PROCESSES (MECHENG 747) Dr. Raj Das Module Objectives • Introduction of slab analysis (or force balance) method for compression of a block under plane strain • Calculation of pressure distribution‚ average pressure and total force • Role of sliding and sticking friction on the pressure and forces during compression of a block Slab Analysis
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middle of the bar along its length. For a given radius of fillet‚ determine the (new) minimum thickness of t capable of withstanding the same tensile force with the factor of safety of four using finite element analysis. Assume Von Mises failure criterion applies‚ i.e. the maximum Von Mises (un-averaged) stress should not exceed 50 MN/m2. Your final thickness must be an integer millimetre value to use standard size material. Brief Assessment The problem is that with a wall thickness of 50
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Stress analysis of tube & flat flange Note: Do not base your design decisions solely on the data presented in this report. Use this information in conjunction with experimental data and practical experience. Field testing is mandatory to validate your final design. Simulation helps you reduce your time-to-market by reducing but not eliminating field tests. Table of Contents Table of Contents 2 List of Figures 2 Description 3 Assumptions 3 Model Information 3 Study Properties 3 Units
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| The maximax criterion results in theAnswer | | | | | Selected Answer: | maximum of the maximum payoffs | Correct Answer: | maximum of the maximum payoffs | | | | | Question 3 2 out of 2 points | | | The maximin approach to decision making refers toAnswer | | | | | Selected Answer: | maximizing the minimum return | Correct Answer: | maximizing the minimum return | | | | | Question 4 2 out of 2 points | | | The maximax criterion results
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Payoffs are usually expressed as revenues or costs‚ but the can be expressed in a variety of values. Once a payoff table has been organized‚ there are several criteria available for making the actual decision. One of those is the maximax criterion. The maximax criterion results in the maximum of the maximum payoffs. The decision maker would be very optimistic. They would assume the most favorable state of nature would occur. When considering profit‚ the decision maker would pick the state of nature
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decision using the maximax criterion. Maximax $1‚000‚000 $500‚000 $250‚000 The best decision using the maximax criterion is the large investment of $1‚000‚000 because it has the most payoff. 2. Identify the best decision using the maximin criterion. Min -600‚000 -200‚000 25‚000 The best decision using the maximin criterion is the small investment of $25‚000. 3. Identify the best decision using the equal likely criterion. Average
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maximin‚ maximax‚ and minimax regret. 3. Learn how to construct and analyze decision trees. 4. Understand aspects of utility theory. 5. Learn how to revise probabilities with sample information. CHAPTER OUTLINE 19.1 The Decision Table and Decision Making Under Certainty Decision Table Decision-Making Under Certainty 19.2 Decision Making Under Uncertainty Maximax Criterion
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alternative and choosing the alternative with the "best of the best" is the approach called: A) maximax B) maximin C) Laplace D) minimax regret E) expected monetary value Answer: A Page Ref: 323 Topic: Decision Making Under Uncertainty Difficulty: Moderate 2) Determining the worst payoff for each alternative and choosing the alternative with the "best of the worst" is the approach called: A) maximax B) maximin C) Laplace D) minimax regret E) expected monetary value Answer: B Page Ref: 323 Topic:
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Emar M. Agustin OpeRsea BSIT 501 July 6‚ 2012 I. Maximax A strategy or algorithm that seeks to maximize the maximum possible result (that is‚ that prefers the alternative with the chance of the best possible outcome‚ even if it’s expected outcome and its worst possible outcome are worse than other alternatives); often used attributively‚ as "maximax strategy"‚ "maximax approach"‚ and so on. II. Maximin It suggests that the decision-maker should choose the alternative
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