A Payoff Table Is Given As AWhat Choice Should Be Made by the Optimistic Decision Maker

question 42

Essay

A payoff table is given as $$\begin{array} { c | r r r } & & { \text { State of Nature } } \\\text { Decision } & \mathrm { s } _ { 1 } & \mathrm {~s} _ { 2 } & \mathrm {~s} _ { 3 } \\\hline d_{1} & 250 & 750 & 500 \\d_{2} & 300 & -250 & 1200 \\d_{3} & 500 & 500 & 600\end{array}$$
a.What choice should be made by the optimistic decision maker?
b.What choice should be made by the conservative decision maker?
c.What decision should be made under minimax regret?
d.If the probabilities of d₁, d₂, and d₃ are .2, .5, and .3, respectively, then what choice should be made under expected value?
e.What is the EVPI?

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Definitions:

RNA Interference

Mechanism in which RNA molecules interfere with gene expression by preventing translation of specific mRNAs.

RNA Processing And Transport

The series of modifications RNA molecules undergo after transcription, including splicing, editing, and transport out of the nucleus to the cytoplasm for translation.

Repressor

A protein that binds to specific sites on DNA, preventing the transcription of certain genes and regulating gene expression.

RNA Polymerase

An enzyme responsible for synthesizing RNA from a DNA template, playing a crucial role in gene transcription.