Decision Analysis 1: Maximax, Maximin, Minimax Regret

For an example where payoffs are costs please see: https://youtu.be/ajkXzvVegBk ~~~~~~~~~~~ Decision Making Without Probabilities Part 1. This brief video explains the components of the Payoff Table and the systematic approaches involved in making decisions under uncertainty: 00:00 Intro 01:19 Maximax (Optimistic) 01: 50 Maximin (Pessimistic or Conservative) 02:32 Minimax Regret Other videos: Decision Analysis 1.1 (Costs): Maximax, Maximin, Minimax Regret https://youtu.be/ajkXzvVegBk Decision Analysis 2.1: Equally Likely (Laplace) and Realism (Hurwicz) https://www.youtube.com/watch?v=zlblUq9Dd14 Decision Analysis 2: EMV & EVPI - Expected Value & Perfect Information https://www.youtube.com/watch?v=tbv9E9D2BRQ Decision Analysis 3: Decision Trees 1 https://www.youtube.com/watch?v=ydvnVw80I_8 Decision Analysis 4: EVSI - Expected Value of Sample Information https://www.youtube.com/watch?v=FUY07dvaUuE Decision Analysis 5: Posterior Probability Calculations https://youtu.be/FpKiHpYnY_I