Question: ITS URGENT S3 isnt given .. do it with s1 and s2 only 1. Suppose that a decision maker faced with two decision alternatives (d1,

ITS URGENT

S3 isnt given .. do it with s1 and s2 only

1. Suppose that a decision maker faced with two decision alternatives (d1, d2 and d3), and two states of nature (s1, s2 and 53) develops the following profit payoff table: State of Nature Decision Alternatives S1 S2 di 450 300 dz 350 420 d3 230 520 If nothing is known about the probabilities of the two states of nature, what is the recommended decision using: a. Optimistic approach b. Conservative approach c. minimax regret approach

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