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Payoff Table and Decisions

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The following payoff table shows the net dollar returns. If you do not have any knowledge about the state of nature.

----a) What is the optimistic decision?
----b) What is the Conservative Decision?
----c) If you use MinMax regret approach what would be your decision?
----d) Once you have some knowledge about the state of nature, what would be your decision?

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Solution Summary

The solution gived detailed steps on figuring out the optimistic decision and Conservative Decision using the given payoff table. All formula and calculations are shown and explained.

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