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?