Question: Need help with above 3 problems Suppose that there is a decision to be made where there are two decision alternatives and three possible states

Need help with above 3 problems
Suppose that there is a decision to be made where there are two decision alternatives and three possible states of nature. Consider the payoff table below, and determine the regret for decision alternative 1 if state 1 occurs. 51 52 11 53 5 11 d1 d2 18 13 4 Answer: Consider the same decision as before, but now the table below is the Regret table for each decision alternative and state of nature. Determine which decision to select using a Minimax Regret approach. As before, enter a 1 in the blank below for decision 1 and a 2 in the blank for decision 2. S3 51 9 52 3 0 d1 d2 0 4 Answer: Suppose that there is a decision to be made where there are two decision alternatives and three possible states of nature. Suppose that state of nature 1 is project to occur 22% of the time while state 2 occurs 28% of the time. Use the payoff table below to compute the expected value of take decision alternative 2. Round your final answer to two decimal places. State Decision of Payoff Nature 51 12 15 52 53 8 d1 d1 d1 d2 d2 d2 51 21 S2 9 53 14Step by Step Solution
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