Economics · Decision Theory
Match List I (Decision Criterion) with List II (Description) and select the correct option: List I: A. Laplace Principle B. Savage Principle C. Hurwicz Principle D. Maximin Principle List II: I. A viewpoint that falls between extreme pessimism and extreme optimism (weighted by an index of optimism). II. When uncertain about states of nature, treat them as equally probable. III. Choosing the best option from a set of worst outcomes (pessimistic approach). IV. Selecting the course of action that minimizes the maximum regret.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-IV, B-III, C-II, D-I
- 2A-II, B-IV, C-I, D-III✓
- 3A-II, B-I, C-IV, D-III
- 4A-I, B-II, C-III, D-IV
Correct answer
A-II, B-IV, C-I, D-III
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