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HURWICZ CRITERION [1 record]

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Record 1 1998-07-06

English

Subject field(s)
  • Decision-Making Process
CONT

Hurwicz criterion: A coefficient of optimism is defined as a = 1 corresponding to a complete optimist, and a = 0 corresponding to a complete pessimist (a can vary between 0 and 1 depending on the decision maker's state of optimism). The maximum possible profit for each strategy is then multiplied by a and the minimum profit by (1 - a) to find the best expected value.

French

Domaine(s)
  • Processus décisionnel

Spanish

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