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A payoff (profit) table is given as

State of Nature

Decision s1 s2 s3

d1 10 8 6

d2 14 15 2

d3 7 8 9

a. What decision should be made by the optimistic decision maker?

b. What decision should be made by the conservative decision maker?

c. What decision should be made under minimax regret? Show the regret table.

d. If the probabilities of s1, s2, and s3 are .2, .3, and .5, respectively, then what decision should be made under expected value. SHOW STEPS IN EXCEL FILE FOR ALL WORK