Question: A payoff table is given as

For 5 points each, answer the following questions:

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 s1, s2, and s3 are .2, .4, and .4, respectively, then what decision should be made under expected value?
5. What is the EVPI?
6. Draw a decision tree for this problem.

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