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Anisha Sandy
on Oct 26, 2024

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Which of the following decisions is chosen in a minimin strategy?

A) the decision that minimizes the maximum payoff
B) the decision that maximizes the minimum payoff
C) the decision that minimizes the minimum payoff
D) the decision that maximizes the maximum payoff

Minimin Strategy

A decision rule used in scenarios involving uncertainty, where the decision maker aims to minimize the potential for the worst-case scenario.

Maximum Payoff

The highest possible return that can be achieved from an investment or decision scenario.

Minimum Payoff

The least amount of return or profit one can expect from an investment or decision.

  • Familiarize with and illustrate various methodologies for making decisions under conditions of uncertainty and risk.
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Tyler HankinsOct 27, 2024
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