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Problem 13-05 (Algorithmic) The following profit payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. Suppose
Problem 13-05 (Algorithmic) The following profit payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. Suppose that the decision maker obtained the probability assessments P(S1) = 0.60, P(S2) = 0.20, and P(S3) = 0.20. State of Nature Decision S1 S3 Alternative 150 125 100 d2 150 75 125 Use the expected value approach to determine the optimal decision. The optimal decision is
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