The Decision Criterion, for a One-Time Decision Without Event Probabilities

question 39

Multiple Choice

The decision criterion, for a one-time decision without event probabilities, that is neither aggressive nor conservative is

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

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Definitions:

Equal Incomes

The economic condition in which all individuals or entities earn the same amount of income.

Entrepreneurship Educators

Individuals or institutions dedicated to teaching and training aspiring entrepreneurs, covering aspects of business creation, management, and innovation.

Expertise, Wisdom

The comprehensive knowledge or skill in a particular area combined with the judgement and experience to use such knowledge wisely.

Faculty Brain

An informal term possibly referring to the collective intelligence or cognitive abilities of the members of an educational institution's faculty.