______ is the expected value of regret associated with each decision.
A)Expected value of perfect information
B)Expected regret
C)Expected loss
D)Expected value

Question

Quizplus · Accepted Answer

Expected regret is the expected value of the difference between the best possible outcome and the actual outcome of a decision. It takes into account the probabilities of all possible outcomes and the decision maker's preferences for those outcomes. The decision maker aims to minimize expected regret.

______ Is the Expected Value of Regret Associated with Each