Match the following non-probabilistic decision criteria with the appropriate descriptor.Group of answer choicesmaximaxmaximinminimax regrethurwiczequal likelihood
Question
Match the following non-probabilistic decision criteria with the appropriate descriptor.Group of answer choicesmaximaxmaximinminimax regrethurwiczequal likelihood
Solution
Sure, here are the matches for the non-probabilistic decision criteria with their appropriate descriptors:
-
Maximax: This is also known as the optimistic criterion. It is used when the decision maker is a risk taker and wants to maximize the maximum payoff.
-
Maximin: This is also known as the pessimistic criterion. It is used when the decision maker is risk averse and wants to maximize the minimum payoff.
-
Minimax Regret: This criterion is used when the decision maker wants to minimize the maximum regret. Regret is the difference between the payoff from the best decision and all other decision payoffs.
-
Hurwicz: This criterion is a compromise between the maximax and maximin criteria. It uses a coefficient of optimism to weigh the maximum and minimum payoffs.
-
Equal Likelihood: This is also known as the criterion of insufficient reason. It is used when the decision maker has no reason to believe that any one event is more likely than others. All events are assumed to have equal probability.
Similar Questions
What non-probabilistic method is consider an optimistic approach to decision making?Group of answer choicesminimax regretmaximaxHurwiczEqual likelihoodmaximin
The minimax regret criterion maximizes the minimum regret.Group of answer choicesTrueFalse
A proposition of ____________, requires an evaluation criteria.Group of answer choicesfactvaluepredictionpolicy
Learning goal 1: Identify how many choices are given at each step in a dichotomous key.1234
A theory that is internally consistent is free ofGroup of answer choicesContentContradictionsExternal dataQualifications
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.