Construct a regrets table

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The following is a payoff table giving profits for various situations.

States of Nature

Alternatives A B C

Alternative 1 120 140 120

Alternative 2 200 100 50

Alternative 3 100 120 180

Do Nothing 0 0 0

What decision would an optimist make? Why?

What decision would a conservative make? Why?

Construct a regrets table. What decision should be made using minimax regret?

Reference no: EM13223957

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