Question: DECISION ANALYSIS

A payoff table is given as ( table is given in terms of profit)

a. What decision should be made by the optimistic decision maker?

b. What decision should be made by the conservative decision maker?

c. What decision should be made under minimax regret?

d. If the probabilities of s 1 , s 2 , and s 3 are .2, .4, and .4, respectively, then what decision should be made under expected value?

e. Calculate the EVPI?