Maximin, Maximax, Minimax Regret
The following is an opportunity loss table.
|
States of Nature | |||
|
Alternatives |
A |
B |
C |
|
Alternative 1 |
20 |
100 |
0 |
|
Alternative 2 |
15 |
0 |
50 |
|
Alternative 3 |
0 |
40 |
160 |
What decision should be made based on the minimax regret criterion? (Minimax regret criterion is based on opportunity loss)
To see this answer, please subscribe.
