How to select between the decision criterion?

Discussion in 'CT6' started by Kunjesh Parikh, Jan 12, 2018.

  1. Kunjesh Parikh

    Kunjesh Parikh Very Active Member

    In many cases, different decision criterion lead to different optimum strategy under the same circumstances. For example in the exam-style question of chapter 1, minimax criterion gives a different decision than the Bayes criterion. So, is there any particular rule to select between these two?
     
  2. John Lee

    John Lee ActEd Tutor Staff Member

    The examiners will specify which decision criteria you should use. In real life you'd probably use Bayes as nature is not a malevolent opponent.
     
  3. Kunjesh Parikh

    Kunjesh Parikh Very Active Member

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