AI-ML for Decision and Risk Analysis by Louis Anthony Cox Jr

Author:Louis Anthony Cox Jr.
Language: eng
Format: epub
ISBN: 9783031320132
Publisher: Springer International Publishing

Example: Rational vs. Irrational Regret

Suppose that a decision maker’s reward (or “payoff,” in the game-theoretic terminology often used) is determined by her choice of an act, A or B, together with a random state of nature (e.g., the outcome of one toss of a fair die, with faces 1-6 being equally likely, revealed only after the choice has been made. Possible payoffs range between 1 and 6.1 dollars, as described by the following table.Decision

State:

1

2

3

4

5

6

Act A:

1

2

3

4

5

6.1

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