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Decision analysis

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1. A farmer in South Carolina must decide which crop to plant next year on his land: corn, peanuts, or soybeans. The return from each crop will be determined by whether a new trade bill with Russia passes the Senate. The profit the farmer will realize from each crop, given two possible results on the trade bill, is shown in the following payoff table:

Trade Bill

Crop Pass Fail
Corn $35,000 $8,000
Peanuts 18,000 12,000
Soybeans 22,000 20,000

a. Maximax

b. Maximin

c. Minimax Regret

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Solution Summary

Excel file contains analysis of the payoff able and recommend which crop to plant under maximax, minimax and maximin regret

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