State of Nature Decision $1 $2 $3 d1 -25 50 d -50 -10 80 d3 5 10 20 Probability 0.25 0.45 0.30 For the lottery p(80) + (1 - p)(-50), this decision maker has assessed the indifference probabilities as shown in the following table. (Assume a payoff of 80 has a utility of 10 and that a payoff of -50 has a utility of 0.) Payoff Probability 50 0.60 20 0.35 10 0.25 5 0.22 0 0.20 -10 0.18 -25 0.10 Rank the decision alternatives on the basis of expected value. The decision with the largest expected value is d3 of 8.75 which has an expected value of 11.75 The decision with the smallest expected value is dz . The decision with the second largest expected value is d which has an expected value which has an expected value of 7.00 Rank the decision alternatives on the basis of expected utility. The decision with the largest expected utility is d utility of which has an expected utility of The decision with the second largest expected utility is ---Select--- which has an expected The decision with the smallest expected utility is ---Select--- which has an expected utility of