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10-11-2020
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Choosing the decision alternative with the maximum payoff for the most likely state of nature is called

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AbsorbingMan AbsorbingMan

11-11-2020

Answer:

Maximax

Explanation:

In decision theory, a state of nature can be defined as the uncontrollable natural events, for example freezing temperature or floods, etc. And a pay off always exists each of the pair of the alternative decisions and the states of nature.

Choosing the best alternative with maximum payoff for any state of nature is called as maximax.

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