Assignment:
A decision maker who is considered to be a risk taker is faced with this set of probabilities and payoffs.
State of Nature
Decision s1 s2 s3
d1 5 10 20
d2 -25 0 50
d3 -50 -10 80
probability 0.30 0.35 0.35
Rank the decision alternatives on the basis of expected value.
Provide complete and step by step solution for the question and show calculations and use formulas.