Use this information to answer the following questions.
Consider the following payoff table that represents the profits earned for each alternative (A,B,and C) under the states of nature S1,S2,and S3.
-Refer to the payoff table.Using the criterion of realism and an alpha value of 0.7,what would be the highest expected payoff?
Definitions:
P-value
The probability of encountering test data at least as extreme as what has been observed, with the assumption that the null hypothesis is valid.
Two-sided Test
A hypothesis test in which the critical area of a distribution is two-sided and tests whether a sample is either greater than or less than a certain range of values.
One-sided Test
A hypothesis test in which the alternative hypothesis specifies either an increase or a decrease, but not both.
P-value
The probability of obtaining a statistical summary (e.g., the difference in means) at least as extreme as the one observed in a study assuming the null hypothesis is true.
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