Laplace criterion is an approach to solving problems under which of the following conditions?
A)decision-making under certainty
B)decision-making under uncertainty
C)decision-making under risk
D)decision-making under regret

Question

Quizplus · Accepted Answer

The Laplace criterion is used for decision-making under uncertainty, where the probabilities of outcomes are not known. It suggests that one should consider all possible outcomes of a decision to be equally likely and choose the option with the highest average payoff.

Laplace Criterion Is an Approach to Solving Problems Under Which