Asked by
desiree santiago
on Oct 31, 2024
Verified
The maximin criterion is pessimistic, while the maximax criterion is optimistic.
Maximin Criterion
A decision rule used in statistics, economics, and game theory that selects the action maximizing the minimum payoff possible from available choices.
Maximax Criterion
A decision rule used in scenarios of uncertainty to select the option with the maximum possible payoff, focusing on the most optimistic outcome.
- Gain insight into the assorted settings and standards for making decisions, covering areas of certainty, risk, and uncertainty.
Verified Answer
RL
Learning Objectives
- Gain insight into the assorted settings and standards for making decisions, covering areas of certainty, risk, and uncertainty.
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