Bob Welch, a famous divorce attorney, is facing a decision with four options (alternatives) and four scenarios (states of nature). The options relate to furniture in his client's house. The options range from a cash settlement for the furniture (Options 1) to aggressively litigating the issue (Option 4), where his client could get $30,000 or suffer a $20,000 loss from fees and related costs. He does not know the probabilities of the states of nature, which include Scenario 1 (favorable judge), Scenario 2 (jury trial), Scenario 3 (out of court settlement), and Scenario 4 (arbitration). (See the following table.) Help Bob by determining the maximax and maximin decisions. What is the equally likelydecision?

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SCENARIO 1 SCENARIO 2 SCENARIO 3 SCENARIO 4 Option 1 $5,000 Option 2 $10,000 $5,000 Option 3 $20,000 $7,000 Option 4 $30,000 $5,000 $5,000 $5,000 $2,000 $0 $1,000 $5,000 $15,000 $10,000 $20,000