A Conservative or Risk-Averse Approach to One-Time Decisions Without Event

question 18

Multiple Choice

A conservative or risk-averse approach to one-time decisions without event probabilities is known as _____.

• A) maximax
• B) maximin
• C) minimax regret
• D) expected value

---

Definitions:

Actor-Observer Effect

A cognitive bias involving the tendency to attribute one's own actions to external causes while attributing others' behaviors to their character.

Situational Causes

Factors relating to the environment or specific circumstances outside an individual that contribute to their behavior.

Different Perspective

Viewing situations, problems, or concepts from an alternative or contrasting viewpoint, often revealing new insights or understanding.

Three-Stage Model

A framework that outlines a process or development in three distinct phases.