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

question 40

Essay

A payoff table is given as $$\begin{array} { c | cc c } & &{ \text { State of Nature } } \\\text { Decision } &s1&s1&s3\\\hlined_{1} & 10 & 8 & 6 \\d_{2} & 14 & 15 & 2 \\d_{3} & 7 & 8 & 9\end{array}$$
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?
e.What is the EVPI?

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Definitions:

Achievable

Something that can be accomplished or attained with effort, skill, or resources; realistic and attainable goals or objectives.

Specific Goals

Clear, defined, and measurable objectives that one aims to achieve within a certain timeframe.

Specified Period

A fixed or clearly defined duration of time.

Dietary Assessment Method

Techniques or tools used to evaluate the nutritional value of a person's diet, often through the collection and analysis of dietary intake data.