Question: A land developer is considering developing a new golf course with 18, 27 or 36 holes. The payoff value depends on whether market conditions are

A land developer is considering developing a new

A land developer is considering developing a new golf course with 18, 27 or 36 holes. The payoff value depends on whether market conditions are favorable or unfavorable. The estimated payoffs for each scenario are shown below. What is the maximin or the best of worst payoff value? Payoffs (SK) Decision Choices 18 holes 27 holes 36 holes Chance Outcomes Unfavorable Market Favorable Market 450 450 350 1250 160 2000

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