For the pay-off table shown in Table 6.3 construct a decision t... | Filo
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The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature. a. Construct a decision tree for this problem. b. Suppose that the decision maker obtains the probabilities P(s1)=.65, P(s2)=.15 and P(s3)=.20 . Use the expected value approach to determine the optimal decision. | Numerade
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