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Decision and Game Theory Quiz

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Questions and Answers

What is the approach that maximizes the possible maximum payoff?

MAXIMAX (correct)

MINIMAX REGRET

MAXIMIN

EQUALLY LIKELY

In decision making under risk, what does MEU stand for?

Maximize Expected Utility (correct)

Minimize Expected Utility

Maximize Expected Opportunity Loss

Minimize Expected Opportunity Gain

What does sensitivity analysis assess?

Impact of change in inputs on outputs (correct)

Randomness in decision-making

Certainty of outcomes

Optimism and pessimism in decision-making

What does a Markov Decision Process (MDP) involve?

Sequential Decision-making Signup and view all the answers

What is used to determine how changes in probabilities affect recommended decision alternatives?

Sensitivity Analysis Signup and view all the answers

What does the MAXIMAX approach in decision making under certainty aim to do?

Maximize the maximum possible payoff Signup and view all the answers

What does the EQUALLY LIKELY criterion in decision making under uncertainty prioritize?

Balancing all possible outcomes equally Signup and view all the answers

What does the concept of 'Expected Value of Perfect Information (EVPI)' measure in decision making?

The value of obtaining additional information before making a decision Signup and view all the answers

What does Sequential Decision Making involve?

Successive observations before making a final decision Signup and view all the answers

Why is it challenging to make decisions under uncertainty in Sequential Decision Making problems?

Lack of full knowledge about the current environment or state Signup and view all the answers