View the step-by-step solution to: "A payoff table is given as s1 s2 s3 d1 10 8 6 d2 14 15

"A payoff table is given as s1 s2 s3...
This question was answered on May 04, 2010. View the Answer
"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?
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Dear Student, below is the solution: ================================================== Assume payoff table is showing profits:... View the full answer

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