Determining the average payoff for each alternative and choosing the alternative with the highest average is the approach called:
A) minimin.
B) maximin.
C) maximax.
D) minimax regret.
E) LaplacE.

Question

Determining the average payoff for each alternative and choosing the alternative with the highest average is the approach called:
A) minimin.
B) maximin.
C) maximax.
D) minimax regret.
E) LaplacE.

Quizplus · Accepted Answer

The Laplace criterion involves calculating the average payoff for each alternative and selecting the one with the highest average, assuming all outcomes are equally likely.

Determining the Average Payoff for Each Alternative and Choosing the Alternative