Suppose that the decision maker obtained the probability assessments P(s1) 0 65, P(s2) 0 15, and P(s3) 0 20 Use the expected value approach to determine the optimal decision State of Nature Decision Alternative s1 s2 s3 d1 250 100 25 d2 100 100 75

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Question: Suppose that the decision maker obtained the probability assessments P(s1) 0.65, P(s2) 0.15, and P(s3) 0.20. Use the expected value approach to

Suppose that the decision maker obtained the probability assessments P(s1) ¼ 0.65, P(s2) ¼ 0.15, and P(s3) ¼ 0.20. Use the expected value approach to determine the optimal decision. State of Nature Decision Alternative s1 s2 s3 d1 250 100 25 d2 100 100 75

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