Question: J . A decision tree has action a 1 with outcomes s 1 , s 2 and s 3 with payoffs K 8 0 0
J A decision tree has action a with outcomes s s and s with payoffs K K and K
Decision a with outcomes s s and s with payoffs K K and K
Decision a with outcomes s s and s with outcomes KK and K
Required:
Find the actions that would be prescribed by the Maximax, and Maximin criterion.
Explain why the action prescribed by the Maximin criterion here is potentially unreasonable from a practical viewpoint.
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