Question: A decision maker has prepared a payoff table, but is unable to estimate or measure the probabilities associated with each state of nature. Which of

A decision maker has prepared a payoff table, but is unable to estimate or measure the probabilities associated with each state of nature. Which of the following criteria can the decision maker use in the decision making process?

I. Maximax

II. Maximin

III. Maximum Likelihood

Please select the correct answer:

A) I only

B) II only

C) III only

D) I and II only

E) I, II, and III

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