1. Please solve this by hand. Transactions should be clearly written.

You have been saving some money you want to invest. The COVID-19 pandemic is almost over and you have determined the following payoff utilities for the alternatives and the probable economic condition you face:

	State of Nature
	0.1	0.2	0.7
Decision Alternative	Better Econ Conditions	Stable Econ Conditions	Worse Econ Conditions
Savings Account	500	500	500
Existing Business	700	600	450
Start up Business	950	600	400
Home repair Business	300	800	800

What is the payoff and decision for the following criteria?

a) Equal Likelihood: Decision __________ Payoff __________

b) MiniMax regret: Decision __________ Payoff __________

c) Expected Value: Decision __________ Payoff __________

d) What is the Expected value of perfect information? ___________________

e) Expected Opportunity Loss: Decision __________ Payoff __________

If you can't do 5 options, eliminate the e option (expected opportunity loss) but please do the option of a,b,c,d