Question: Given the following Payoff tables : where the table represents profits : Alternatives States of nature S1 S2 $3 $4 A1 3 5 8 -1

Given the following Payoff tables : where the table represents profits

Given the following Payoff tables : where the table represents profits : Alternatives States of nature S1 S2 $3 $4 A1 3 5 8 -1 A2 6 5 2 0 A3 0 u 6 4 State which can be chosen as the best act using: (a) Maximax, (b) Maximin, (c) Minimax regret (savage criterion), (d) Equal likelihood (Laplace), (e) Hurwicz Alpha criterion a=0.4

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