If the payoffs are quantities such as losses or costs, which we want to make small, we use the minimax criterion.

Name: If the payoffs are quantities such as losses or costs, which we want to make small, we use the minimax criterion.
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Question

Quizplus · Accepted Answer

The minimax criterion is used to minimize the maximum possible loss or cost, making it suitable for situations where payoffs are quantities like losses or costs that we aim to keep as small as possible.

If the Payoffs Are Quantities Such as Losses or Costs