Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following payoff table States of Nature Decision Alternative S1 S2 S3 D1 840,000 440,000 190,000 D2 370,000 220,000 670,000 D3 50,000 115,000 25,000 If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the optimistic (maximax), conservative (maximin), and minimax regret approaches

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Question: Suppose that a decision-maker faced with four decision alternatives and four states of nature develops the following payoff table: States of Nature Decision Alternative S1

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

	States of Nature
Decision Alternative	S1	S2	S3
D1	840,000	440,000	190,000
D2	370,000	220,000	670,000
D3	50,000	115,000	25,000

If the decision maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the optimistic (maximax), conservative (maximin), and minimax regret approaches?

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