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Hi john,
Thank you very much indeed for such an excellent lecture sir,i did understand everything else in risk and uncertainty lecture but bit confued about the aritmatic of maximin and minimax,could you help please? 😀With maximin you identify the worst outcome for each choice (i.e. the smallest).
You then pick whichever choice gives the best (highest) of those worst outcomes.With regard to minimax regret, I cannot repeat the whole lecture here. It means rewriting the profits table as a regret table, then identifying the worst outcome for each choice (i.e. the biggest regret). You then pick whichever choice gives the best (lowest) of those worst outcomes.
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