Decisions under Ignorance (or Risk)

Decisions Under Risk (with various decision criteria)

Follow the links below to download the material for this lab.

Lessons

  • Lesson 1  (Duration 45 min)
    Maximax (MiniMin) criterion, Wald’s MiniMax (MaxiMin) criterion, Hurwicz criterion.
  • Lesson 2  (Duration 30 min)
    Savage MiniMax regret criterion, Laplace insufficient reason criterion.

 Applications

       

Design By:Template World