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Two states of nature for our company

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The following is a payoff (in $000) table for three strategies and two states of nature for our company:

Strategy

States of Nature

 

 

N1

N2

S1

40

60

S2

10

-20

S3

-40

150

Select a strategy using each of the following decision criteria: (a) Maximax, (b) Minimax regret, (c) Maximin, (d) Minimum risk, assuming equiprobable states.

Reference no: EM133092886

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