Maximax is a criterion used when making decisions under __________________.
A)Certainty
B)Uncertainty
C)Risk
D)Alternatives

Question

Quizplus · Accepted Answer

Maximax is a criterion used when making decisions under uncertainty, where the decision-maker identifies the option with the highest possible payoff. This decision rule is based on the assumption that decision-makers are risk-seeking and prefer to maximize their best possible outcome, even if it is not the most probable one.

Maximax Is a Criterion Used When Making Decisions Under __________________