Hello, what if you computed all the 3 approach (optimist, conservative, minimax regret) and among all the results, you need to choose which is the best decision. Example: Optimist: d3 = 120 Conservative: d4 = 20 Minimax regret: d4 = 100 what could be the best decision?
Well, what do you mean by "best"? To say which one is the best, one has to have a criteria for the best. Optimist decision is the best when the criteria for best is "best outcome for the best case scenario" and so on. Now, if your criteria is "best outcome on the average if such decisions are repeatedly made", then it won't be above. Rather it should be Expected Value Approach.
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Hello, what if you computed all the 3 approach (optimist, conservative, minimax regret) and among all the results, you need to choose which is the best decision.
Example:
Optimist: d3 = 120
Conservative: d4 = 20
Minimax regret: d4 = 100
what could be the best decision?
Well, what do you mean by "best"? To say which one is the best, one has to have a criteria for the best. Optimist decision is the best when the criteria for best is "best outcome for the best case scenario" and so on. Now, if your criteria is "best outcome on the average if such decisions are repeatedly made", then it won't be above. Rather it should be Expected Value Approach.