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Which of the Following Is a Decision-Making Approach Used When

Question 1

Multiple Choice

Which of the following is a decision-making approach used when the probabilities of the states of nature are unknown,assumed as equal,and the different decision alternatives should be evaluated using the expected value of their payoffs?


A) maximax criterion
B) Laplace criterion
C) maximin criterion
D) Hurwicz criterion

Correct Answer:

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