If a decision theory problem has 3 decision alternatives and 4 states of nature, the number of payoffs in that problem will be
A) 3
B) 4
C) 12
D) 64

Name: If a decision theory problem has 3 decision alternatives and 4 states of nature, the number of payoffs in that problem will be A) 3 B) 4 C) 12 D) 64
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Quizplus · Accepted Answer

The number of payoffs is calculated by multiplying the number of decision alternatives by the number of states of nature, which is 3 * 4 = 12.

If a Decision Theory Problem Has 3 Decision Alternatives and 4