Decision Making Under Risk

This site is a part of the JavaScript E-labs learning objects for decision making. Other JavaScript in this series are categorized under different areas of applications in the MENU section on this page.

Professor Hossein Arsham   

Enter your up-to-6x6 payoff matrix starting from the upper-left corner. Rows are assigned to your decision alternatives (choices), while and columns are for the states of nature. Enter also your subjective probability of the occurrence for each states of nature, then click the either of Calculate buttons. Unoccupied rows and columns not included in the calculations but zeros are.

In entering your data to move from cell to cell in the data-matrix use the Tab key not arrow or enter keys.

States of Nature's Probabilities



The most likely event Pr, j=
Expected payoff: EP Action
Min expected regret Action
Return of perfect information
Value of perfect information: VPI
Its efficiency: 100(VPI/EP)(%)

For Technical Details, Back to:
Decision Analysis with Applications

Kindly email your comments to:
Professor Hossein Arsham


Decision Tools in Economics & Finance

Probabilistic Modeling


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Kindly e-mail me your comments, suggestions, and concerns. Thank you.

Professor Hossein Arsham   

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