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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