Question: The following table is a cost-based table. Please answer the following questions by using this table. State of Nature Strategies N N N3 S

The following table is a cost-based table. Please answer the following questions

The following table is a cost-based table. Please answer the following questions by using this table. State of Nature Strategies N N N3 S 35 20 5 S 50 25 -15 S3 15 30 10 S4 -10 15 40 S5 40 0 -5 N4 N5 0 15 60 -5 -15 20 -20 0 40 15 a) Find the optimum strategy with the optimism criterion. (5P) b) Find the optimum strategy with the pessimism criterion. (5P) c) Find the optimum strategy with the Hurwicz criterion. (a = 0,5) (5P) d) Find the optimum strategy with Laplace criterion. (7P) e) Find the optimum strategy under risk with the possibilities of 0,2; 0,2; 0,1; 0,2 and 0,3 respectively to the state of natures. (8P) f) Find the optimum strategy with the regret criterion. (10P)

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