Why are the maximin, maximax regret models appropriate for decision making under conditions of high uncertainty but...

60.1K

Verified Solution

Question

Statistics

Whyare the maximin, maximax regret models appropriate for decisionmaking under conditions of high uncertainty but NOT appropriatewhen some conditions and probabilities have a moderate level ofcertainty or predictability?

Answer & Explanation Solved by verified expert

4.1 Ratings (639 Votes)

Answer given data the maximin maximax regret models appropriate for decision making under conditions of high uncertainty but NOT appropriate when some conditions and probabilities have a moderate level of certainty or predictability Maximax Optimist The maximax takes a gander at as well as could be expected occur under each activity and after that picks the activity with the biggest esteem They expect that they will get the most conceivable and afterward they make the move with the most ideal situation The limit of the maximums or the most elite This is the lotto player they see substantial settlements and disregard the probabilities Maximin Pessimist The maximin individual takes a gander best case scenario that could occur under each activity and afterward pick the activity with the biggest result They accept that the most exceedingly terrible that can happen will and afterward they make the move with the best most dire outcome imaginable The limit of the essentials or the best of the most exceedingly bad This is the individual who puts their cash into a bank account since they could lose cash at the securities exchange Minimax Opportunist Minimax basic leadership depends on crafty See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Why are the maximin, maximax regret models appropriate for decision making under conditions of high uncertainty but...

60.1K

Verified Solution

Question

Statistics

Whyare the maximin, maximax regret models appropriate for decisionmaking under conditions of high uncertainty but NOT appropriatewhen some conditions and probabilities have a moderate level ofcertainty or predictability?

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Other questions asked by students

Lie Around Furniture manufactures two? products: Couches and Beds. The following data are? available: Couches Beds Sales...

What is an extinction coefficient? Why is it different for each protein? Show how you would...

Discuss the evolutionary trends in the genus Homo. Start with the transition from early Homo to...

List at least three surface imaging techniques, and describe advantage and disadvantage of each one.

Use algebraic techniques to rewrite y 4x 2x 2 as a sum or difference then...

Choose the end behavior diagram that best describes the function f x 6 x 1x...

Harrison Company makes two products and uses a...

Kai Paris is the sole proprietor of Cookie Monster Inc (CMI). He started...

Eastline Industries sold a productive asset, a machine, for cash. It originally cost Eastline ...

Select all that apply Negotiated transfer prices Blank______. ...

Capital Structure Forest Led is planning to repurchase part of its common stock by issuing...

Intro Blue Sky Inc. bonds have 4 years to maturity, a $1,000 par value, a...