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Suppose the manager in Technical Problem 2 has absolutely no idea about the probabilities of the two prices occurring. Which option would the manager choose
Suppose the manager in Technical Problem 2 has absolutely no idea about the probabilities of the two prices occurring. Which option would the manager choose under each of the following rules?
a. Maximax rule
b. Maximin rule
c. Minimax regret rule
d. Equal probability rule
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