What Decision Criterion Would Be Used by a Pessimistic Decision

question 71

Multiple Choice

What decision criterion would be used by a pessimistic decision maker solving a problem under conditions of uncertainty?

• A) expected monetary value
• B) equally likely
• C) maximax
• D) maximin
• E) minimin

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Definitions:

Sample Survey

A method used to gather information and data from a subset of a population to make inferences about the whole population without examining every individual.

Frequency Table

A tabular representation of the number of occurrences of each distinct value in a dataset.

Proportions

A statistical measure expressing the relationship of a part to the whole, typically represented as a fraction or percentage.

Rejection Region

The range of values in hypothesis testing outside of which the null hypothesis is rejected in favor of the alternative hypothesis.