Question: A payoff table is given as Decision di dz d S1 250 300 500 State of Nature S: 750 --250 500 Si 500 1200 600

A payoff table is given as Decision di dz d S1 250 300 500 State of Nature S: 750 --250 500 Si 500 1200 600 a. b. d. What choice should be made by the optimistic decision maker? What choice should be made by the conservative decision maker? What decision should be made under minimax regret? (Show your Regret Table). If the probabilities of si, sz, and s; are 0.2, 0.5, and 0.3, respectively, then what choice should be made under expected value? Given the probabilities from part d, what is Expected Value with Perfect Information (EVwPl) and the Expected Value of Perfect Information (EVPI)? e. A payoff table is given as Decision di dz d S1 250 300 500 State of Nature S: 750 --250 500 Si 500 1200 600 a. b. d. What choice should be made by the optimistic decision maker? What choice should be made by the conservative decision maker? What decision should be made under minimax regret? (Show your Regret Table). If the probabilities of si, sz, and s; are 0.2, 0.5, and 0.3, respectively, then what choice should be made under expected value? Given the probabilities from part d, what is Expected Value with Perfect Information (EVwPl) and the Expected Value of Perfect Information (EVPI)? e

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