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Learning Activity: The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature State of nature

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Learning Activity: The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature State of nature Decision alternative di S1 S2 S3 250 200 175 d2 120 165 180 If the decision maker does not know anything about the probabilities of the three states of nature, what is the recommended decision using (i) optimistic approach? (ii) minimax approach? (iii) Maximin regret approach

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