What decision would a conservative make

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Reference no: EM13223669

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

States of Nature

Alternatives	A	B C
Alternative1	120	140	120
Alternative2	200	100	50
Alternative3	100	120	180
Do Nothing	0	0	0

a. What decision would an optimist make? Why?

b. What decision would a conservative make? Why?

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

Reference no: EM13223669

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