Discuss the below in detail:
Q: You are given the following payoff table (in units of thousands of dollars) for a decision analysis problem without probabilities.
State of Nature
| Alternative |
S1 |
S2 |
S3 |
| A1 |
6 |
2 |
4 |
| A2 |
3 |
4 |
3 |
| A3 |
8 |
1 |
5 |
a. Which alternative should be chosen under the maximax criterion?
b. Which alternative should be chosen under the maximin criterion?