In Decision-Making Under Uncertainty, a Pessimistic Approach Is the __________

question 102

Multiple Choice

In decision-making under uncertainty, a pessimistic approach is the __________.

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

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Definitions:

Government Sets Prices

A situation where the government determines the selling prices of goods and services, often to stabilize the economy or ensure affordability.

Market Economy

An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical analysis of capitalism and his contributions to the foundation of socialism and communism.

Communist Countries

Nations that practice communism, a political and economic ideology characterized by the collective ownership of property and the organization of labor for the common advantage of all members.