Suppose the fireguard gives the following results after three months of use:
State of the World |
||
Response |
Signal |
Noise |
Yes |
38 |
24 |
Uncertain |
10 |
10 |
No |
6 |
15 |
ANSWER:
When guard is risk averse, he rightly take ‘uncertain’ decision on Noise.
When guard is risk seeking, he rightly take ‘uncertain’ decision on Signal.
Confusion matrix:
True Positive and True Negative are right decisions taken by the guard.
Excel Formulation:
a. Ratio is 0.61165, lower than threshold of 0.75. that means guard is not performing well.
b. 63 times right decisions for risk averse guard.
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Suppose the fireguard gives the following results after three months of use: State of the World...
Suppose the fire guard gives the following results after three months of use: State of the World Response Signal Noise Yes 38 24 Uncertain 10 10 No 6 15 How many times was the decision maker able to make the right decision for signal or noise in total if he is risk-averse? What is the ratio of correct decisions to all decisions if the decision maker is risk seeking? Do you think that the guard is...
TOPIC: Signal Detection Theory
Please explain a little how u get the
answer
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