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