Question: 1. Suppose that a decision maker faced with two decision alternatives (d1 and d2), and two states of nature (s1 and 52) develops the following

1. Suppose that a decision maker faced with two

1. Suppose that a decision maker faced with two decision alternatives (d1 and d2), and two states of nature (s1 and 52) develops the following profit payoff table: State of Nature Decision Alternatives S1 S2 di 1500 500 d2 780 650 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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