Question: Question 3 A payoff' tablo is given as Decision 53 di d2 dz 2 State of Nature 52 11 15 12 51 16 16 9

Question 3 A payoff' tablo is given as Decision 53 di d2 dz 2 State of Nature 52 11 15 12 51 16 16 9 5 11 a. [1 mark] What decision should be made by the optimistic decision maker? b. [1 mark] What decision should be made by the conservative decision maker? [2 marks] What decision should be made under minimax regret? d. [2 marks] If the probabilities of sl. 52, and s3 are 0.2.0.4 and 0.4, respectively, then what decision should be made under expected value? e. [2 marks] What is the EVPI? For the toolbar, press ALT+F10 (PC) or ALT=EN+F10 (Mac). BIS Paragraph Arial 14px 2

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