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Conservative and minimax regret approach

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Reference no: EM132858561

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?

Reference no: EM132858561

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