Question: Answer all three correct!! For a problem involving profits as payoffs, which of the following is the conservative approach? a. minimax. b. maximax. c. minimin.

Answer all three correct!!

For a problem involving profits as payoffs, which of the following is the conservative approach?

a.

minimax.
b.

maximax.
c.

minimin.
d.

maximin.

In a decision problem involving costs as payoffs, which of the following constitutes the conservative approach?

a.

minimax.
b.

maximax.
c.

minimin.
d.

maximin.

For a decision problem with profits as payoffs, which of the following constitutes the optimistic approach?

a.

minimin.
b.

maximin.
c.

minimax.
d.

maximax.

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