For the simple three-decision, three-outcome example, are there any probabilities that make the EMV criterion equivalent to the maximin criterion? Are there any probabilities that make the EMV...


For the simple three-decision, three-outcome example, are there any probabilities that make the EMV criterion equivalent to the maximin criterion? Are there any probabilities that make the EMV criterion equivalent to the maximax criterion? Explain.


In the SciTools example, which decision would a maximin decision maker choose? Which decision would a maximax decision maker choose? Would you defend either of these criteria for this particular example? Explain.



May 25, 2022
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