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EmphasisHeadi Problem 2: Uncertainty Uncertainty is when the outcomes are not certain and you are unable to estimate probabilities, but you use your psychological orientation

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EmphasisHeadi Problem 2: Uncertainty Uncertainty is when the outcomes are not certain and you are unable to estimate probabilities, but you use your psychological orientation to make decision. If you are optimistic you would make a maximax choice. If you are generally a pessimist, you would make a "maximin" choice. You also can make a choice that minimizes your maximum "regret" or make a minimax choice. Use the following information and determine what would be your three choices based on the three psychological orientations (maximax, maximin, and minimax). Show all work F Payoff Table RI R3 Si S2 S3 20 14 12 15 16 15 25 Maximax: Optimistic Response ANSWER: R1 12 S2 S3 20 16 Maximin: Pessimistic Response Stratesy ANSWER Ri 20 15 25 S3 14 States)

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