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What options are available to the decision maker if the probabilities of the states of nature are unknown?
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What options are available to the decision maker if the probabilities of the states of nature are unknown?

User SergioR
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Answer:

The states of nature refer to future events, not under the control of the decision maker, which may occur. States of nature should be defined so that they are mutually exclusive and collectively exhaustive.

User Theist
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