Question: PROBLEM ( 2 ) Suppose there are N possible states of the world { s 1 , s 2 , s 3 , . .
PROBLEM Suppose there are N possible states of the world s s s sN An act aa a a aN is an action that delivers ai units of utility if si happens to be the state of the world, for each iN Suppose the grand set of alternatives acts X abcz When you face a menu A X you choose an act in the menu according to: i Maximin criterion, or ii Maximax criterion, or iii Minimax risk regret criterion
In the whole question, ignore any considerations about the case of ties under any criterion; assume there are never equalitiesties that can come up when comparing actionsstatesetc.. so that there are no indifferences in any step of choosing an act under any of the criteria, so that you will never have to break any ties in the process All parts below are separate question
b Answer part b shown in the pitcure attachted
c answer part c shown in the pitcure attchted
d answer part d shown in the pitcure attchted
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