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4. 5. Exhibit 1 The following questions are based on the information below. An investor is considering 4 investments, A, B, C and leaving his money in the bank. The payoff from each investment is a function of the economic climate over the next 2 years. The economy can expand or decline. The following payoff matrix has been developed for the decision problem. 1 2 3 41 5 61 7 8 A B Payoff Matrix Investment A B C Ban Economy Decline 0 25 40 10 c. =AVERAGE(F5:G5) d. =MAX(F5:G5) C Expand 85 65 30 10 D E Investment A B Bank F Regret Matrix G Economy Decline Expand H Refer to Exhibit 1. What formula should go in cell F5 of the Regret Matrix above to compute the regret value? a. =B$5-MAX(B$5:B$8) b. =MAX(B$5:B$8)-MAX(B5) c. =MAX(B$5:B$8)-MIN(B$5:B$8) d. =MAX(B$5:B$8)-B5 Refer to Exhibit 1. What formula should go in cell H5 and copied to H6:H8 of the Regret Table above to implement the minimax regret decision rule? a. =MAX(MAX(F5:G5)) b. =MIN(F5:G5)

The following questions are based on the information below. An investor is considering 4 investments, A,B,C and leaving his money in the bank. The payoff from each investment is a function of the economic climate over the next 2 years. The economy can expand or decline. The following payoff matrix has been developed for the decision problem. 4. Refer to Exhibit 1. What formula should go in cell F5 of the Regret Matrix above to compute the regret value? a. =B$5MAX(BS5;B$8) b. =MAX(B$5BS8)MAX(B5) c. =MAX(B$5:B$8)MIN(B$5:B$8) d. =MAX(BS5:B58)B5 5. Refer to Exhibit 1. What formula should go in cell H5 and copied to H6:H8 of the Regret Table above to implement the minimax regret decision rule? a. =MAX(MAX(F5;G5)) b. =MIN(F5;G5) c. =AVERAGE(F5:G5) d. =MAX(F5:G5)