Nick has plans to open some pizza restaurants, but he is not sure how many to open. He has prepared a payoff table to help analyze the

situation.

STATES OF NATURE

ALTERNATIVES

As Nick does not know how his product will be received, he assumes that all three states of nature are equally likely to occur. If he uses the

equally likely criterion, what decision would he make?

Open $2$

Open $1$

Do Nothing

Either Open $1$ or Open $2$

The correct answer is not provided.