Question: Morley Properties is planning to build a condominium development on St. Simons Island, Georgia. The company is trying to decide between building a small, medium,

Morley Properties is planning to build a condominium development on St. Simons Island, Georgia. The company is trying to decide between building a small, medium, or large development. The payoffs received for each size of development will depend on the market demand for condominiums in the area, which could be low, medium, or high. The payoff matrix for this decision problem is:

Market Demand
Size of Development	Low	Medium	High
Small	400	400	400
Medium	200	500	500
Large	400	300	800
		(Payoffs in $1000s)

The owner of the company estimates a 20% chance that market demand will be low, a 35% chance that it will be medium, and a 45% chance that it will be high.

Question 1) Explain the weakness of Morley's Maximin decision

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