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A B C D E F G H I
Template for Minimax Regret Criterion
Payoff Table
State of Nature
Alternative Sell 10,000 Sell 100,000
Build Computers 0 54
Sell Rights 15 15
Maximum 15 54 0 0 0
Regret Table
State of Nature Maximum
Alternative Sell 10,000 Sell 100,000 in Row
Build Computers 15 015 Minimax
Sell Rights 0 39 39
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A B C D E F G H I
Template for Maximax Criterion
State of Nature Maximum
Alternative Sell 10 Sell 11 Sell 12 Sell 13 in Row
Buy 10 $50 $50 $50 $50 $50
Buy 11 $47 $55 $55 $55 $55
Buy 12 $44 $52 $60 $60 $60
Buy 13 $41 $49 $57 $65 $65 Maximax
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A B C D E F G H I
Template for Maximin Criterion
State of Nature Minimum
Alternative Sell 10 Sell 11 Sell 12 Sell 13 in Row
Buy 10 $50 $50 $50 $50 $50 Maximin
Buy 11 $47 $55 $55 $55 $47
Buy 12 $44 $52 $60 $60 $44
Buy 13 $41 $49 $57 $65 $41
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A B C D E F G H I J K
Template for Realism Criterion
Pessimism-Optimism Index = 0.5
State of Nature Maximum Minimum Weighted
Alternative Sell 10 Sell 11 Sell 12 Sell 13 in Row in Row Payoff
Buy 10 $50 $50 $50 $50 $50 $50 $50
Buy 11 $47 $55 $55 $55 $55 $47 $51
Buy 12 $44 $52 $60 $60 $60 $44 $52
Buy 13 $41 $49 $57 $65 $65 $41 $53 Maximum
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A B C D E F G H I
Template for Minimax Regret Criterion
Payoff Table
State of Nature
Alternative Sell 10 Sell 11 Sell 12 Sell 13
Buy 10 $50 $50 $50 $50
Buy 11 $47 $55 $55 $55
Buy 12 $44 $52 $60 $60
Buy 13 $41 $49 $57 $65
Maximum $50 $55 $60 $65 $0
Regret Table
State of Nature Maximum
Alternative Sell 10 Sell 11 Sell 12 Sell 13 in Row
Buy 10 $0 $5 $10 $15 $15
Buy 11 $3 $0 $5 $10 $10
Buy 12 $6 $3 $0 $5 $6 Minimax
Buy 13 $9 $6 $3 $0 $9
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A B C D E F G H
Template for Maximum Likelihood Criterion
State of Nature
Alternative Sell 10 Sell 11 Sell 12 Sell 13
Buy 10 $50 $50 $50 $50
Buy 11 $47 $55 $55 $55 Maximum
Buy 12 $44 $52 $60 $60
Buy 13 $41 $49 $57 $65
Prior Probability 0.2 0.4 0.3 0.1
Maximum
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A B C D E F G H I
Template for Equally Likely Criterion
State of Nature Row
Alternative Sell 10 Sell 11 Sell 12 Sell 13 Average
Buy 10 $50 $50 $50 $50 $50
Buy 11 $47 $55 $55 $55 $53
Buy 12 $44 $52 $60 $60 $54 Maximum
Buy 13 $41 $49 $57 $65 $53
Prior Probability 0.2 0.4 0.3 0.1
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A B C D E F G H I
Template for Minimax Regret Criterion
Payoff Table
State of Nature
Alternative S1 S2
A1 12 17
A2 13 15
A3 15 12
A4 020
Maximum 15 20 000
Regret Table
State of Nature Maximum
Alternative S1 S2 in Row
A1 3 3 3 Minimax
A2 2 5 5
A3 0 8 8
A4 15 015
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A B C D E F G H I
Template for Minimax Regret Criterion
Payoff Table
State of Nature
Alternative S1 S2
A1 12 17
A2 13 15
A3 15 12
Maximum 15 17 000
Regret Table
State of Nature Maximum
Alternative S1 S2 in Row
A1 3 0 3
A2 2 2 2 Minimax
A3 0 5 5
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A B C D E F G H I
Template for Maximax Criterion
State of Nature Maximum
Alternative Improving Stable
Worsening
in Row
Conservative 30 5 -10 30
Speculative 40 10 -30 40 Maximax
Counter-cyclical
-10 0 15 15
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A B C D E F G H I
Template for Maximin Criterion
State of Nature Minimum
Alternative Improving Stable
Worsening
in Row
Conservative 30 5 -10 -10 Maximin
Speculative 40 10 -30 -30
Counter-cyclical
-10 0 15 -10 Maximin
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A B C D E F G H I J K
Template for Realism Criterion
Pessimism-Optimism Index = 0.5
State of Nature Maximum Minimum Weighted
Alternative
Improving
Stable
Worsening
in Row in Row Payoff
Conservative 30 5 -10 30 -10 10 Maximum
Speculative 40 10 -30 40 -30 5
Counter-cyclical -10 0 15 15 -10 2.5
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A B C D E F G H I
Template for Minimax Regret Criterion
Payoff Table
State of Nature
Alternative Improving Stable Worsening
Conservative 30 5 -10
Speculative 40 10 -30
Counter-cyclical -10 0 15
Maximum 40 10 15 0 0
Regret Table
State of Nature Maximum
Alternative Improving Stable Worsening in Row
Conservative 10 525 25 Minimax
Speculative 0 0 45 45
Counter-cyclical 50 10 050
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A B C D E F G H
Template for Maximum Likelihood Criterion
State of Nature
Alternative Improving Stable Worsening
Conservative 30 5 -10
Speculative 40 10 -30 Maximum
Counter-cyclical -10 0 15
Prior Probability 0.1 0.5 0.4
Maximum
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A B C D E F G H I
Template for Equally Likely Criterion
State of Nature Row
Alternative
Improving
Stable
Worsening
Average
Conservative 30 5 -10 8.33 Maximum
Speculative 40 10 -30 6.67
Counter-cyclical -10 0 15 1.67
Prior Probability 0.1 0.5 0.4