Decision analysis - complete uncertainty

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Reference no: EM13180009

Decision analysis: complete uncertainty

(a) A decision maker has formulated the following payoff (profits) matrix:

	s1	s2	s3	s4
a1	4	7	9	7
a2	6	5	2	3
a3	8	9	5	1
a4	3	4	3	8
a5	10	0	6	4

What action should (s)he select if (s)he followed the criterion of:

(i) Maximin?

(ii) Maximax?

(iii) Laplace?

(iv) Minimax Regret?

Reference no: EM13180009

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