1. Decision process . Alternatives . Events c. Payoff and payoff table 4. Probabilities c. Decision rule 2. Decision making under certainty 3. Decisions under uncertainty 2. Four decision rules - Maximin - - Maximax - - Laplace - - Minimax Regret - b. Application A.4: Decision Making Under Uncertainty Fletcher (a realist), Cooper (a pessimist), and Wair A-317 optimist) are joint owners in a company. They must decidc A-317 make Arrows, Barrels, or Wagons. The government is about to issue a policy and recommendation on pioneer travel that depends on whether certain treaties are obtained. The policy is expected to affect demand for the products; however it is impossible at this time to assess the probability of these policy "events." The following data are available: -Which product would be favored by Fletcher? Arrows: Ramels: Wiagon: -Which product would be favored by Cooper