A couple in Britain is deciding to invest in one of the following hospitality businesses according to the exchange rate of the neighboring countries: bed and breakfast, restaurant, or hotel. According to the type of business and the affluence of local or foreign visitors, the investments will have different returns. If fewer foreigners come to the country due to a low exchange rate, they will be able to offset this thanks to the local population, hence the importance of the choice given low, medium, and high exchange rates in favor of foreign visitors. The profits the couple will realize from each business, given the exchange rate conditions, are shown in the following table.

State of Nature Low Medium High Bed and Breakfast $10,000 $22,000 $30,000 Restaurant 40,000 35,000 20,000 Hotel 30,000 50,000 23,000 Determine the best investment according to the following decision criteria.

a. Maximax

b. Maximin

c. Minimax regret

d. Equal likelihood LO.1