Statements about the decision theory is true

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Which of the following statements about the decision theory is true?

a. If the payoff table contains expenses instead of revenues, then the pessimistic criterion is Minimin.

b. Maximax is a decision rule for the pessimist.

c. If a new alternative is added to a payoff table and the maximax criterion is applied again, the new decision must either remain with the original maximax alternative or the new alternative.

d. By definition, the maximax and maximin criteria cannot result in the selection of a common alternative in decision making under uncertainty.

Reference no: EM131031688

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