Question: please give a explanation for each answer 1. Consider the following payoff matrix. State of Nature Prior Probability 0.3 0.3 0.4 Decision 4,000 5,000 8,000

please give a explanation for each answer

1. Consider the following payoff matrix. State of Nature Prior Probability 0.3 0.3 0.4 Decision 4,000 5,000 8,000 6,000 7,000 5,500 5,000 10,000 5,000 a. Which alternative should be chosen according to Maximax criterion? b. Which alternative should be chosen according to Maximin criterion? c. Which alternative should be chosen according to expected value criterion? d. Which alternative should be chosen according to Minimax Regret criterion

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