Question: Consider the following payoff table that represents the profits earned for each alternative (A, B, and C) under the states of nature S1, S2, and

Consider the following payoff table that represents the profits earned for each alternative (A, B, and C) under the states of nature S1, S2, and S3. S1 S2 S3 A $60 $145 $120 B $75 $125 $110 C $95 $85 $130 a) Refer to the payoff table. Using the criterion of realism and an alpha value of 0.7, what would be the highest expected payoff? b) Refer to the payoff table. Using the maximin criterion, what would be the highest expected payoff? c)Refer to the payoff table. Using the maximax criterion, what would be the highest expected payoff? d)Refer to the payoff table. Using the Laplace criterion, what would be the highest expected payoff?

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