Conservative and minimax regret approaches

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Reference no: EM13115969

The following payoff table shows the profit for a decision problem with three states of nature and two Decision Alternatives (DA):

State of Nature

DA s1 s2 s3

d1 -20 40 100

d2 10 45 70

I need to determine what is the recommended decision using

a. The optimistic approach?

b. The conservative approach?

c. The minmax regret approach

Reference no: EM13115969

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