2uldor T Decision Making under Uncertainty (Maximin, Maximax, Laplace, Minimax Regret) Problem 4. Fletcher (a realist),...

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2uldor T Decision Making under Uncertainty (Maximin, Maximax, Laplace, Minimax Regret) Problem 4. Fletcher (a realist), Cooper (a pessimist), and Wainwright (an optimist) are joint owners in a manufacturing company. They must decide whether to make Arrows, Barrels, or Wagons. The government is about to issue a travel policy which depends on whether certain treaties are obtained. The policy is expected to affect demand for the products; however it is not possible at this time to assess the probability of these policy "events." The following table provides the profit estimates. Event Land Land Sea Routes Routes Routes Alternative No treaty Treaty Only Arrows $840,000 $440,000 $190,000 Barrels $370,000 $220,000 $670,000 Wagons $25,000 $1,150,000 ($25,000) 2uldor T Decision Making under Uncertainty (Maximin, Maximax, Laplace, Minimax Regret) Problem 4. Fletcher (a realist), Cooper (a pessimist), and Wainwright (an optimist) are joint owners in a manufacturing company. They must decide whether to make Arrows, Barrels, or Wagons. The government is about to issue a travel policy which depends on whether certain treaties are obtained. The policy is expected to affect demand for the products; however it is not possible at this time to assess the probability of these policy "events." The following table provides the profit estimates. Event Land Land Sea Routes Routes Routes Alternative No treaty Treaty Only Arrows $840,000 $440,000 $190,000 Barrels $370,000 $220,000 $670,000 Wagons $25,000 $1,150,000 ($25,000)