A corn farmer has categorized the weather into three possible levels. The weather conditions will affect the timing of the harvest and the associated payoff. In this situation, the weather conditions are called the ________.
A) alternatives
B) states of nature
C) payoffs
D) perfect information

Question

Quizplus · Accepted Answer

Since weather conditions affect timing of the harvest and associated payoff, they are the states of nature.

A Corn Farmer Has Categorized the Weather into Three Possible