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[Step-by-Step] A payoff table is given as What decision should be made by the optimistic decision maker? What decision should be made by the conservative decision

Question: A payoff table is given as

  1. What decision should be made by the optimistic decision maker?
  2. What decision should be made by the conservative decision maker?
  3. What decision should be made under minimax regret?
  4. If the probabilities of \(\mathrm{s}_{1}, \mathrm{~s}_{2}\), and \(\mathrm{s}_{3}\) are .2, .4, and .4, respectively, then what decision should be made under expected value?
  5. What is the EVPI?

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Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document


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