The Laplace criterion will reach the same decision as the Minimax Regret criterion when the payoff table contains expenses instead of revenues.

Question

Quizplus · Accepted Answer

The Laplace criterion and the Minimax Regret criterion are based on different principles: Laplace uses the average payoff for decision-making without considering the regret, while Minimax Regret focuses on minimizing the maximum regret, which does not change based on whether the table contains expenses or revenues.

The Laplace Criterion Will Reach the Same Decision as the Minimax