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Conservative and minimax regret approach

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Reference no: EM132858574

Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table: State of Nature

Decision Alternative

s1 s2 s3 s4
d1 14910 5
d2 11108 7
d3 91010 11
d4 81011 13

If the decision maker does not know anything about the probabilities of the four states of nature, what is the recommended decision using optimistic, conservative and minimax regret approach?

Reference no: EM132858574

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