The term "opportunity loss or regret" is most closely associated with:
A) minimax regret.
B) maximax.
C) maximin.
D) expected monetary value.
E) Laplace.

Question

Quizplus · Accepted Answer

Opportunity loss or regret is a concept associated with minimax regret decision making. It refers to the regret or the opportunity loss that arises from choosing an alternative that turns out to be worse than another possible alternative that was available. Minimax regret decision making aims to minimize the maximum regret that could be experienced from choosing an alternative, and is based on the assumption that decision makers are risk-averse and prefer to avoid the worst possible outcomes.

The Term "Opportunity Loss or Regret" Is Most Closely Associated