Calculate the evpi, If the probabilities of D1 ,D2 and D3

Calculate the evpi

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Reference no: EM13106875

State of nature
decision	S1	S2	S3
D1	250	750	500
D2	300	-250	1200
D3	500	500	600

the above is the payoff table.

1-what choice should be made by the optimistic decision maker?

2-what choice should be made by the conservative decision maker ?

3-what choice should be made under minimax regret?

4-If the probabilities of D1 ,D2 and D3 are 0.2 ,0.5,and 0.3, respectively,then what choice should be made under expected value?

5- what is the EVPI?

Reference no: EM13106875

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