DECISION ANALYSIS | Maximax, Maximin, Minimax Regret, Hurwicz Criterion, and Laplace Criterion.
Автор: Jisryl Raz
Загружено: 2020-11-22
Просмотров: 9856
In this video, we discuss some non-probability criteria when making decisions. These five criteria are:
9:27 - Maximax Criterion
11:54 - Maximin Criterion
15:28 - Minimax Regret Criterion
24:27 - Hurwicz Criterion
29:33 - Equal Likelihood or the Laplace Criterion
Those five criteria are non-probabilistic, and mainly utilize the level of optimism of the decision-maker. Hence, these criteria are somehow biased and solely based on the decision-maker's judgment.
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Please also watch the second part of this discussion by clicking the link below:
• DECISION ANALYSIS | Expected Value Method ...
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