Payoff matrix. Reduce the payoff matrix given in the table. eliminating any action that is dominated by another.
| θ1 | θ2 | θ3 | θ4 | θ5 |
a1 | 8 | 7 | 9 | 4 | 10 |
a2 | 12 | 9 | 6 | 3 | 8 |
a3 | 6 | 2 | 8 | 1 | 8 |
a4 | 4 | 8 | 7 | 6 | 5 |
Then determine the best action using each of the following criteria:
(a) Laplace
(b) maximin
(c) maximax
(d) Hurwicz (show graph)
(e) minimax regret
Do any actions seem preferable overall?
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