Using minimax regret criterion

Reference no: EM1320476

Question: A payoff table [profits] is shown below.

	States of Nature
Decisions	S1	S2	S3
D1	10	8	6
D2	14	15	2
D3	7	8	9

[A] Using an equal likelihood criterion, what decision should be made by the decision maker?
[B] Using minimax regret criterion, what decision should be made by the decision maker?
[C] If the probabilities of s1, s2, and s3 are 0.2, 0.4, and 0.4, respectively, what decision should be made by the decision maker?
[D] Using the maximax criterion, what decision should be made by the decision maker?
[E] Using the maximin criterion, what decision should be made by the decision maker?

Reference no: EM1320476

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