1. Profile photo of cecel says

    Hey John,
    I am still a little confused and how to read the pay off table in order to determine maximin, maximax and (minimax regret-just for reference). I am not sure if to look for the figures on the table horizontally or vertically. When I checked the text book I see examples where are the answers are different to what I would have work out. I would appreciate your assistance on this.

    • Profile photo of John Moffat says

      You can set out your table any way you like – there is no rule.

      I find it easier to set it up as a matrix (but you do not have to – you can just do a list of all the various possible outcomes if you prefer), but if you do set it up as a matrix then it does not matter whether you have choices down the side and the uncertain items across the top, or vice versa.

      What is important is that you get the correct profits, and that you make the correct decisions.

  2. avatar says

    please upload more answers on past papers on F5.
    We need to be more up to date and please upload the answers of the most recent past papres.
    thanks a lot for everything.
    very helpful the site indeeeeddd!!

  3. avatar says

    Many thanks for this lecture it’s really helped me understand the procedures of answering the question and thanks again for the new lectures, just going through the recent past exam papers and I cant thank you enough for this.

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