Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table:

Assume that the payoff table provides cost rather than profit payoffs. What is the recommended decision using:

i. the optimistic approach

ii. the conservative approach

iii. the minimax regret approach

iv. the Laplace method

State of Nature $2 $3 Decision Alternative 9 10 WE Jur di 10 8 d2 10 d3 d4