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https://youtu.be/ajkXzvVegBk
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Decision making without probabilities, part 1.
This short video explains the components of the payoff table and systematic approaches to decision making under uncertainty:
00:00 Introduction
01:19 Maxix (Optimistic)
01: 50 Maximin (pessimistic or conservative)
02:32 Minimax Regret
Other videos:
Decision Analysis 1.1 (Costs): Maximax, Maximin, Minimax Regret
https://youtu.be/ajkXzvVegBk
Decision Analysis 2.1: Equiprobability (Laplace) and Realism (Hurwicz)
https://www.youtube.com/watch?v=zlblUq9Dd14
Decision Analysis 2: EMV & EVPI – Expected Value and Perfect Information
https://www.youtube.com/watch?v=tbv9E9D2BRQ
Decision Analysis 3: Decision Trees 1
https://www.youtube.com/watch?v=ydvnVw80I_8
Decision Analysis 4: EVSI – Expected Value of Sample Information
https://www.youtube.com/watch?v=FUY07dvaUuE
Decision Analysis 5: Posterior Probability Calculations
https://youtu.be/FpKiHpYnY_I
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