The minimax regret criterion
A) maximizes the minimum regret.
B) minimizes the minimum regret.
C) minimizes the maximum regret.
D) maximizes the maximum regret.

Name: The minimax regret criterion A) maximizes the minimum regret. B) minimizes the minimum regret. C) minimizes the maximum regret. D) maximizes the maximum regret.
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Question

Quizplus · Accepted Answer

The minimax regret criterion aims to minimize the maximum regret that could result from a decision, thereby reducing the potential for the worst-case scenario in terms of regret.

The Minimax Regret Criterion