In a decision theory problem under complete uncertainty, which one of the following approaches will not be possible?
A) Expected monetary value
B) Maximin
C) Minimax
D) Hurwicz

Question

Quizplus · Accepted Answer

Expected monetary value (EMV) requires probabilities associated with the outcomes, which are not available in a decision-making scenario under complete uncertainty. The other options (Maximin, Minimax, Hurwicz) do not require probability information and can be applied under complete uncertainty.

In a Decision Theory Problem Under Complete Uncertainty, Which One