If the payoffs are losses or costs, the optimistic decision maker would use the minimax criterion.

Name: If the payoffs are losses or costs, the optimistic decision maker would use the minimax criterion.
Brand: Quizplus
Rating: 4.9 (40 reviews)

Question

Quizplus · Accepted Answer

The optimistic decision maker typically uses the maximax criterion, seeking the maximum of the maximum payoffs, not the minimax criterion which is used to minimize the maximum losses or costs.

If the Payoffs Are Losses or Costs, the Optimistic Decision