This question has been answered by Expert on May 4, 2010. View Solution
phelan.sanders posted a question
"A payoff table is given as

s1 s2 s3
d1 10 8 6
d2 14 15 2
d3 7 8 9

a. What decision should be made by the optimistic decision maker?

b. What decision should be made by the conservative decision maker?

c. What decision should be made under minimax regret?

d. If the probabilities of s1, s2, and s3 are .2, .4, and .4, respectively, then what decision should be made under expected value?
Expert answered the question
Dear Student, below is the solution:


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Assume payoff table is showing...  View Full Answer