What decision will be made using the maximin criterion

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Reference no: EM131409924

An auto manufacturer has preliminary plans to introduce a new diesel engine capable of extremely high fuel economy. The success of the engine depends on whether the U.S. Environmental Protection Agency goes ahead with stringent particulate emission limits that are scheduled for the coming model year.

The payoff table, with amounts in millions of dollars for the corporation's profit, is shown below. What decision will be made using the maximin criterion? The maximax criterion? The minimax regret criterion?

	The strict emission limits are
	Enacted	Not Enacted
Continue engine development	-$10	$30
Halt engine development	$15	$15

Reference no: EM131409924

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