The Hurwicz criterion is a compromise
A) between the maximin and minimax criteria.
B) between the minimax and maximax criteria.
C) between the maximax and maximin criteria.
D) none of the above

Question

Quizplus · Accepted Answer

The Hurwicz criterion is a decision-making rule that strikes a balance between the optimistic maximax criterion (which seeks to maximize the maximum possible payoff) and the pessimistic maximin criterion (which seeks to maximize the minimum possible payoff), thus offering a compromise between the two approaches.

The Hurwicz Criterion Is a Compromise