Decision making under risk involves considering various choices and several possible outcomes. The learning materials provide an example of this using the choice of factory size and whether there is high, moderate, or low demand. The payoffs are shown in the following table: Payoffs Outcome O1 O2 O3 O4 O5 Choice C1 17 233 -131 231 107 C2 -137 155 248 29 -146 C3 311 61 -150 24 360 C4 185 298 86 297 12 C5 -119 330 85 353 -107 Probability 0.265 0.137 0.095 0.195 0.308 Each outcome admits a choice with no regret. Which of the following choices corresponds to no regret for each outcome? 3, 5, 3, 1, 5, which means choice 3 for outcome 1, choice 5 for outcome 2, and so on. 3, 5, 2, 5, 3, which means choice 3 for outcome 1, choice 5 for outcome 2, and so on. 5, 2, 2, 2, 3, which means choice 5 for outcome 1, choice 2 for outcome 2, and so on. 4, 5, 5, 4, 4, which means choice 4 for outcome 1, choice 5 for outcome 2, and so on