Decision Analysis 1: Maximax, Maximin, Minimax Regret

For an example where payoffs are costs please see:
   • Decision Analysis 1.1 (Costs) - Optim...  

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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
   • Decision Analysis 1.1 (Costs) - Optim...  

Decision Analysis 2.1: Equally Likely (Laplace) and Realism (Hurwicz)
   • Decision Analysis 1b: Equally Likely ...  

Decision Analysis 2: EMV & EVPI - Expected Value & Perfect Information
   • Decision Analysis 2: EMV & EVPI - Exp...  

Decision Analysis 3: Decision Trees 1
   • Decision Analysis 3: Decision Trees  

Decision Analysis 4: EVSI - Expected Value of Sample Information
   • Decision Analysis 4 (Tree): EVSI - Ex...  

Decision Analysis 5: Posterior Probability Calculations
   • Decision Analysis 5: Posterior (Revis...