(Answered) The following is a payoff table giving profits for various

Statistics

The following is a payoff table giving profits for various situations.

States of Nature

Alternatives A B C
Alternative1 120 140 120
Alternative2 200 100 50
Alternative3 100 120 180
Do Nothing 0 0 0

A) What decision would an optimist make? Why?
B) What decision would a conservative make? Why?
C) Construct a regrets table. What decision should be made using minimax regret?

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