An oil exploration company has to decide between three sites in which to invest in its next drilling project.

The decision to drill in a region is determined by oil prices and the cost of setting up the drill. If oil prices are high, it is worth drilling in remote locations, whereas if prices are low, it is better to minimize the investment to guarantee profits. The table below summarizes the different profits given oil prices.

State of Nature Million $ Low Medium High North Sea 3,000 2,000 1,000 Brazil offshore 300 2,500 5,000 Russia 1,500 4,000 2,200 Determine the best investment according to the following decision criteria.

a. Maximax

b. Maximin

c. Minimax regret

d. Equal likelihood LO.1