Hi sir,
when there is probability of outcomes provided in a question,
should I ignore when I calculate Maximin, minimax, minimax regret?
is the probability only needed for the calculation of expected value?
I watched your lectures twice last month I think you used expected value figures to come up with the answers for Maximin, minimax,
but I am not sure.
as BPP book question 88 does ignore the probability on its solution.
Looking forward to hearing from you.
Kind regards.
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About Maximin, minimax, minimax regret
9y ago#1I suggest that you watch the lectures again, because I certainly do not use the probabilities when using maximin, maximax, or minimax regret criteria!!!! It would be complete nonsense.
Probabilities are only relevant when calculating expected values.
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