Question: Below you are given a payoff table involving three states of nature and four decision alternatives. Use the table below to determine the maximum expected
Below you are given a payoff table involving three states of nature and four decision alternatives. Use the table below to determine the maximum expected payoff. The probability that s1 will occur is 0.2; the probability that s2 will occur is 0.3. States of Nature s1 52 s3 Decision d1 10,000 -5,000 d2 15,000 9,000 15,000 10,000 10,000 15,000 d3 20,000 -5.000 -4,000 d4 11,000 O 10,700 O 12,000 O 13,000 3.100
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