Master Decision Strategies: Maximax, Maximin & Minimax Regret Explained 📊

For an example where payoffs are costs please see:
https://youtu.be/ajkXzvVegBk

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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