Determine the optimum strategy for the union, Basic Statistics

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Determine the optimum strategy for the union

Solve the below problem:

Q: Consider the example, but with the following reward matrix:

Proposal Contract A B C 1 8.5 7.0 7.5 2 12.0 9.5 9.0 3 9.0 11.0 8.0 2

• Is there an equilibrium point?

• Find the strategies which are dominated by other strategies, and reduce the size of the reward matrix.

• Formulate the LP problem to determine the optimum strategy for the union and the optimum strategy of the manager

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Basic Statistics: Determine the optimum strategy for the union

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Basic Statistics: Determine the optimum strategy for the union

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