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You are a manager of Bank of America and have to decide to open new branches in Oklahoma. You have no idea about the number of new accounts that would be opened (Uncertainty). You have three choices; open 4 new branches, open 10 new branches or open 50 new branches. These choices are based on the fund available to you. As a bank manager, you would like to make as much profit for your bank. You have an estimation of the profit you can make from number of new users as shown in the payoff table below.
Payoff table:
Alternatives
No. of new accounts
100 to 400
400 to 1600
More than 1600
Four new branches
$100
Ten new branches
$70
$130
Fifty new branches
$-40
$60
$200
Note: Payoffs are in thousand.
Above is the payoff table that you will use to choose the best alternative based on
1. Maximin criterion
2. Maximax criterion
3. Laplace criterion
4. Minimax regret criterion
Consider the probabilities for EMV criterion only.
100 to 400 (.4)
400 to 1600 (.35)
More than 1600 (.25)
100
70
130
-40
60
200
5. EMV criterion
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