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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 14 9 10 5
d2 11 10 8 7
d3 9 10 10 11
d4 8 10 11 13
If the decision-maker does not know anything about the probabilities of the four states of nature, what is the recommended decision using the optimistic, conservative and minimax regret approach?
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