Assume the payoffs represent profits. Determine the alternative that would be chosen under each of these decision criteria : a. Maximin. b. Maximax. c.Laplace.
New Bridge Built | No New Bridge | ||
Alternative capacity | A | 1 | 14 |
for new store | B | 2 | 10 |
C | 4 | 6 |
where A= small, B = medium, and C= large