The maximin and minimax regret criteria always lead to the same conclusion, but they identify it using different methods.

Question

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The maximin criterion focuses on maximizing the minimum payoff to ensure the best of the worst-case scenarios, while the minimax regret criterion aims to minimize the maximum regret, which could lead to different decisions especially in situations where the regret and payoff structures differ significantly.

The Maximin and Minimax Regret Criteria Always Lead to the Same