Question: A decision maker has prepared the following payoff table. States of Nature Alternative High Low Buy 80 10 Rent 60 45 Lease 50 40 Using

A decision maker has prepared the following payoff table.

States of Nature
Alternative High Low
Buy 80 10
Rent 60 45
Lease 50 40

Using the Maximin criterion, what is the best decision and the expected payoff?

1. Best Decision

2. Payoff

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