Suppose that a decision maker is faced with four decision alternatives and four states of nature as given in the following payoff table: (assume these are profits).

Decision S1 S2 S3 S4

D1 14 9 10 5

D2 11 10 8 7

D3 9 10 10 11

D4 8 10 11 13

What is the payoff using the optimistic approach?

What is the payoff using the conservative approach?

What is the payoff using the minimax regret approach? Include units in your answer.

Assume that the payoff table describes costs. What is the decision under the optimistic approach?

Again, assume costs. What is the decision under conservative approach?

Again, assume costs. What is the decision under minimax approach?

Assuming costs, what is the payoff using the optimistic approach? Include units in your answer.

What is the payoff under the regret approach (assuming costs). Include units in your answer

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