In Decision-Making Under Uncertainty, the Approach That Considers Only the Best

question 90

Multiple Choice

In decision-making under uncertainty, the approach that considers only the best and the worst payoffs for each decision alternative is the __________.

• A)maximin criterion
• B)maximax criterion
• C)Hurwicz criterion
• D)minimax regret strategy
• E)maximin regret strategy

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Definitions:

Demand Deposits

Accounts held in banks that can be withdrawn at any time without any advance notice to the financial institution.

Debit Card

A payment card that deducts money directly from a consumer's checking account to pay for a purchase, rather than using a credit line.

Store Of Value

An item that people can use to transfer purchasing power from the present to the future.

Store Of Value

An asset that can be saved, retrieved, and exchanged in the future without depreciating in value.