1. (This problem is similar to problem 4.0.3 in notes). Suppose that a decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table:

		State of Nature
		s1	s2	s3	s4
Decision Alternative	d1	11	13	10	11
	d2	9	10	12	10
	d3	12	10	13	9
	d4	8	9	14	13

1. If the decision maker knows nothing about the probabilities of the fours states of nature1 what is the recommended decision using the optimistic1 conservative1 and minimax regret approaches?
2. Which approach do you prefer? Explain. Is establishing the most appropriate approach before analyzing the problem important for the decision maker? Explain.
3. Assume that the payoff table provides cost rather than profit payoffs. What is the recommended decision using the optimistic1 conservative1 and minimax regret approaches?