The allocation of merit-based financial aid during the college admissions process presents postsecondary institutions with complex and financially expensive decisions. This article describes the application of linear programming as a decision tool in merit based financial aid decisions at a medium size private university. The objective defined for…

The application of mathematics, especially probability theory to law and social decision theory, is discussed. (SD)

Basic mathematical concepts of Managerial Economics, a way of quantitatively analyzing and structuring the making of a business decision, are presented. Advantages and disadvantages of its use in business are discussed and several recent applications are given. (DT)

The decision to draw another card or stand pat in blackjack can be made by computing two simple probabilities. (MP)

The true state of the system described here is characterized by a probability vector. At each stage of the system an action must be chosen from a finite set of actions. Each possible action yields an expected reward, transforms the system to a new state in accordance with a Markov transition matrix, and yields an observable outcome. The problem of…

This extension of Harris' classification system permits classification of the interval-scale properties of any 2 x 2 (two person, two choice) game. The system is compared to taxonomies developed by various previous researchers. It is shown to permit compact description of any 2 x 2 game as an octet of numbers. It also permits rapid classification…

Some counterintuitive ideas in probability are examined. In particular, for sequential selection procedure, such as drawing cards, it is shown that there is probabilistic advantage to drawing first (or early) relative to drawing last (or late) in the sequence. (Author/MK)

Presents an activity to analyze the data from the Challenger explosion to help students understand the critical role of statistics in decision making and the importance of considering all available data. (MKR)