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The following payoff matrix indicates the expected profits associated with three decision options and three states of nature: State of nature S1 S2 S3 Option
The following payoff matrix indicates the expected profits associated with three decision options and three states of nature: State of nature S1 S2 S3 Option T1 30 50 60 T2 40 60 20 T3 60 20 40 Select the decision option that should be selected for i) the maximin rule, ii) the maximax rule, iii) the Laplace rule, iv) the Hurwicz rule with D=0.25.
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