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

1. assume costs. What is the decision under conservative approach?

	a.	d2,s1 and d3,s4
	b.	d1,s2 and d4,s2
	c.	d2,s2 and d3,s2
	d.	none

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

	a.	d3,s2
	b.	d1,s1
	c.	d4,s4
	d.	d2,s1

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

Assuming costs, what is the payoff using the conservative approach? Include units in your answe

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