[SOLVED] Pay off Tables
I am really stuck I have not been to these lectures as I have been ill does any one know how to solve this problem or put me in the right direction?
The payoff table below shows forecast profits for four mutually exclusive strategies in four plausible future states. Which strategy would be recommended by applying each of the following criteria
(i) the criterion of optimism.
(ii) the criterion of pessimism
(iii) the Hurqicz criterion with parameter of optimism of 0.3
(iv) the regret criterion.
Show workings and answers.
I have put the graph in a excel file.
any help would be great!!