Question: HELP!!! PLEASE ANSWER ALL Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following PROFIT payoff table:
HELP!!!
Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following PROFIT payoff table: If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the optimistic approach? a) d1 b) d2 c) d3 d) d4 Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following PROFIT payoff table: If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the conservative approach? a) d1 b) d2 and d3 c) d3 d) d4 Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following PROFIT payoff table: If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the minimax regret approach? a) d1 b) d2 c) d3 d) d4 PLEASE ANSWER ALL


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