What will collectors decision if she uses maximin criterion

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Reference no: EM131409928

An antique collector is shipping $50,000 worth of items from Europe to America and must decide whether to insure the shipment for its full value. An insurance firm will provide this protection for a fee of $500.

What will be the collector's decision if she uses the maximin criterion? The maximax criterion? The minimax regret criterion?

Reference no: EM131409928

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