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 is called the ____________________________.
A)Alternatives
B)States of nature
C)Payoffs
D)Perfect information

Question

Quizplus · Accepted Answer

The weather conditions are being categorized into three possible levels, which are the states of nature. These states of nature will affect the timing of harvest and the associated payoff for the corn farmer. Therefore, option B, States of nature, is the best choice.

A Corn Farmer Has Categorized the Weather into Three Possible