Problem 1 [Adapted From: E. Book Page 392, Question 9.1] You are given the following payoff table consisting of costs (in units of thousands of dollars) for a decision analysis problem. S1 States of Nature S2 S3 2 4 S4 6 3 Alternative A1 A2 A3 Prior Probabilities 3 4 3 4 1 5 8 0.4 3 0.1 0.4 0.1 1. Which alternative should be chosen and what is the payoff value using the following approaches? Support your answers. a) Optimistic approach b) Pessimistic approach c) Mini-max regret approach d) Maximum likelihood approach 2. Determine the Expected Value of Perfect Information