A payoff table is given as s1 s2 s3 d1 250 750 500 d2 300 -250 1200

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A payoff table is given as

	s1	s2	s3
d1	250	750	500
d2	300	-250	1200
d3	500	500	600

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?

If the probabilities of d1, d2, and d3 are .2, .5, and .3, respectively, then what choice should be made under expected value?

Related Book For answer-question

Quantitative Methods for Business

ISBN: 978-0840062345

12th edition

Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam

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Posted Date: Dec 31, 2023 01:06 PM

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A payoff table is given as s1 s2 s3 d1 250 750 500 d2 300 -250 1200

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SOLUTION To analyze the given payoff table well consider different decisionmaking criteria 1 Optimistic decision maker The optimistic decision maker aims to maximize the best possible outcome They ass... View the full answer

Quantitative Methods for Business

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