Question: Suppose that a decision-maker faced with four decision alternatives and four states of nature develops the following profit payoff table: If the decision-maker knows nothing

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

Suppose that a decision-maker faced with four If the decision-maker knows nothing about the probabilities of the four states of nature. Recommend an optimal alternative for decision-maker based on each of the criteria of decisions: (1) Laplace, (2) Maximin/minimax, (3) Savage (minimax) regret, and (4) Hurwicz with =0.5, and determine the range of for which 3 would be optimal.

No excel. Please show all the steps clearly. Thank you!

Si S2 S3 S4 a 14 9 10 IL 5 a 2 11 10 8 7 ; 9 10 10 11 04 8 10 11 13

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