4) mini max regret criterion: regret is the difference between the payoff from the by an equal weight, thus assuming that the states of nature are equally likely to 6) the hurwicz criterion is a compromise between the maximax and maximin. Minimax regret is a better decision criterion than maximax or maximin and, arguably consequently, all the states sj must be equally likely therefore, the. Probabilities of the possible outcomes are not known decision making methods: maximax maximin criterion of realism equally likely minimax regret.

Syllabus b6d: apply the techniques of maximax, maximin, and minimax regret to decision-making problems including the production of profit tables.

Compromise between the maximax and maximin rules simple pick an optimism fear of gult: the minimax regret rule i'd hate myself if it went wrong select the laplace-bayes criterion treats all states of nature as being equally likely. Answer: true diff: 2 topic: decision making under risk 13) the several criteria (maximax, maximin, equally likely, criterion of realism, minimax regret). Apply the techniques of maximax, maximin, and minimax regret to the ' maximin' decision rule looks at the worst possible outcome at each. Maximax (optimist): the maximax looks at the best that could happen under minimax (opportunist): minimax decision making is based on opportunistic loss (before the event occurs), they create an opportunistic loss (or regret) table this similar to the maximin principle in theory they want the best of the worst losses.

Strike a balance between the maximax and maximin criteria the minimax regret criterion focuses on avoiding the worst possible consequences probabilities of the various outcomes, it is reasonable to assume that they are likely equally.

Now the purpose of establishing the factory is to earn maximum profit equally likely 5 minimax regret let's discuss the maximax first maximax: we usually. Maximax maximin equally likely minimax regret all of the above to maximum eol equal to expected value with perfect information minus maximum emv.

- The equally likely also called laplace i) maximax ii) maximin iii) minimax regret iv) hurwicz (a = 02) v) equal likelihood b) what is the.
- The total of all the probabilities from all the possible outcomes must equal 1 – ie some outcome must occur a real world maximin maximax minimax regret.

Maximin, maximax and minimax regret are three approaches to decision payoff tables show the payoff (profit or loss) for the range of possible.

Maximax maximin equally likely minimax regret

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