Choosing the alternative that is the best weighted payoff using decision making under uncertainty would be:
A) maximin.
B) maximax.
C) Laplace.
D) minimax regret.

Question

Quizplus · Accepted Answer

Maximin and maximax are decision rules for decision making under risk, while minimax regret is a decision rule for decision making under uncertainty but only considers regret rather than probabilities. The Laplace decision rule is a weighted average of payoffs, with each payoff being equally likely, and is a decision rule that can be used in situations of uncertainty where probabilities are not known. Therefore, the best choice for choosing the alternative that has the best weighted payoff using decision making under uncertainty is Laplace.

Choosing the Alternative That Is the Best Weighted Payoff Using