Decision Theory

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Definitions
Minimax Principle
Minimax Principle Decision Making Decision Theory Risk Management Game Theory Operations Research Mathematics Economics
The Minimax Principle is a decision criterion aimed at minimizing the maximum possible loss or regret. It involves selecting the outcome with the smallest potential loss, thereby aiming to achieve the least amount of regret in case of failure.
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Definitions
Subjective Probabilities
Subjective Probabilities Probability Bayesian Analysis Decision Theory Risk Assessment
Subjective probabilities represent individual beliefs about the likelihood of an event occurring, differing from objective probabilities that are based on statistical evidence.
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