Decision Alternatice S_1 S_2 S_3 S_4 D_1 14 9 10 5 D_2 11 10 8 7...

Decision Alternatice	S_1	S_2	S_3	S_4
D_1	14	9	10	5
D_2	11	10	8	7
D_3	9	10	10	11
D_4	8	10	11	13

State and use the average payoff strategy to choose the best decision
State and use the aggressive strategy to choose the best decision
State and use the conservative strategy to choose the best decision
State and use the opportunity loss strategy to make the best decision
Suppose the decision maker obtains information that enables the following probabilities assessments: P(s_1) = 0.5; P(s_2) = 0.2; P(s_3) = 0.2; and P (s_4) = 0.1. use the expected value approach to determine the optimal strategy

Expert Solution

milcah answered 2 months ago

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