List and describe decision rules that are used for decision making under uncertainty
What will be an ideal response?
The decision rules include maximin, maximax, Laplace, and minimax regret. Maximin chooses the "best of the worst" and is for the pessimist. Maximax chooses the "best of the best" and is for the optimist. Laplace chooses the best weighted payoff and is for the realist. Minimax regret chooses the best "worst regret."
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