Payoff Tables & Decision Criteria: Maximax, Maximin, Regret and EV
This lesson is part of the course
In this lesson
You compare three ways to build the K2 robot under three demand states and see that four classic decision criteria give three different answers.
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Lessons in this course
- Payoff Tables & Decision Criteria: Maximax, Maximin, Regret and EV Locked
- Decision Trees: Rolling Back Chance and Decision Nodes Locked
- Value of Perfect Information (EVPI) Locked
- Value of Sample Information: Bayes Update of a Market Survey Locked
- Risk Attitude & Utility: Certainty Equivalents with Exponential Utility Locked
- Monte Carlo Simulation of a Project NPV Locked
- Sensitivity Tornado: Which Uncertainty Drives the NPV? Locked
- Real Options: The Value of Waiting and of Expanding Locked