Decision theory under conditions of risk and uncertainty lends itself to several mathematical techniques. Examine the difference maximin decision criterion and minimax regret decision criterion.
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Decision theory under conditions of risk and uncertainty lends itself to several
mathematical techniques. Examine the difference maximin decision criterion and minimax regret decision criterion.
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- What is the best decision alternative using MINIMAX REGRET decision criterion?Contrast maximax and maximin decision strategies. Under what circumstances is each appropriate?Determine the two best decision alternatives by a pessimistic decision maker. Decision dl d2 d3 d4 d2 and d4 Od1 and d4 Od1 and d2 d3 and d4 States of Nature $1 320 280 d1 and d3 170 450 $2 425 -160 100 220 83 -150 160 325 -175
- How does decision theory incorporate risk and uncertainty into decision-making?Two models of decision making discussed during class are: Unbounded Rationality and Rational Process Questioning and Bounded Rational Model Irrational Model and Created Rationality Rational Model and Bounded RationalityCompare and contrast programmed and non programmed decisions, and describe the decision charasteristcs of certainity and uncertainity.