Question: Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following prot payo table: State of Nature s1

Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following prot payo table: State of Nature s1 s2 s3 s4 Decision Alternative d1 14 9 10 5 d2 11 10 8 7 d3 9 10 10 11 d4 8 10 11 13 If the decision maker does not know anything about the probabilities of the four states of nature, what is the recommended decision using optimistic, conservative and minimax regret approach?

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