A Manager Has Developed a Payoff Table That Indicates the Profits

question 68

Essay

A manager has developed a payoff table that indicates the profits associated with a set of alternatives under two possible states of nature.
$$\begin{array} { c c c } \text { Alt } & \mathbf { S } _ { \mathbf { 1 } } & \mathbf { S } _ { \mathbf { 2 } } \\\mathbf { 1 } & 10 & 2 \\\mathbf { 2 } & - 2 & 8 \\\mathbf { 3 } & 8 & 5\end{array}$$
-If the manager uses minimax regret as the decision criterion, which of the alternatives would she choose?

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Definitions:

Return Rate

The profit or deficit experienced by an investment during a certain period, represented as a portion of the initial investment's value.

Market Economy

An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and not by government intervention.

Investment Project

A project undertaken by individuals, companies, or governments aiming at generating future profits through capital expenditure.

Political Authorities

The individuals or organizations that hold the power to govern or rule over a specific territory or population, making and enforcing laws and policies.