Question: 1. Suppose that a decision maker faced with three decision alternatives (d1, d2 and d3 ), and three states of nature (s1, s2 and 53)

1. Suppose that a decision maker faced with three decision alternatives (d1, d2 and d3 ), and three states of nature (s1, s2 and 53) develops the following profit payoff table: State of Nature Decision Alternatives S1 S2 S3 di 455 315 254 dz 300 350 350 dz 285 542 651 If nothing is known about the probabilities of the two states of nature, what is the recommended decision using: a. Optimistic approach b. Conservative approach C.minimax regret approach

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