Decision Analysis 1: Maximax, Maximin, Minimax Regret

For an example where payoffs are costs please see:

~~~~~~~~~~~
Decision Making Without Probabilities Part 1.
This brief video explains the components of the Payoff Table and the systematic approaches involved in making decisions under uncertainty:
00:00 Intro
01:19 Maximax (Optimistic)
01: 50 Maximin (Pessimistic or Conservative)
02:32 Minimax Regret

Other videos:

Decision Analysis 1.1 (Costs): Maximax, Maximin, Minimax Regret

Decision Analysis 2.1: Equally Likely (Laplace) and Realism (Hurwicz)

Decision Analysis 2: EMV & EVPI - Expected Value & Perfect Information

Decision Analysis 3: Decision Trees 1

Decision Analysis 4: EVSI - Expected Value of Sample Information

Decision Analysis 5: Posterior Probability Calculations

[aarondean]

Best video on the internet, straight to the point as needed

[goodgirl]

My professor spent an hour and a half class trying to explain this to us, and you just explained it in 5 minutes. THANK YOU!!

[danieljeffry]

this man explained a 2-hour lecture in less than 5 mins. amazing!

[qudar]

God bless you and your family and your grandchildren and your ancestors. You helped us

[samwelltarly]

Thanks for changing the world one video at a time mr Emmanuel.

[garimaale]

I think every teacher should know this regret formula. Thank you for making this video, I was struggling so much for this regret table.

[abegiants]

Thanks for simplifying! Well done! you explained it better than my professor at University

[bakhromkhalikulov]

Thank you so much Mr Emmanuel for this amazing video. When I tried to read Decision Analysis in my book, it was 45 pages long((( It takes abt 2 day if i read and note them in my notebook. I watched this 5 minutes video and no need to note in my notebook. I guess that I will remember this video and your voice forever and ever))) GREAT JOB, VERY HELPFUL

[ntokozotmathe]

Thank you Sir.. I have tried the Text book for hours but could not understand the Minimax Regret rule..Within 4 minutes of watching your Teaching, I now understand!!!!

[quameatu]

Is been 7yrs plus without understanding this topic .and you did it in 4minutes.thank you

[raymondalliance]

you literally helping me to pass my exams, thank you sir

[klttens]

The best and simplest explanation! The only person I found who describes terminology and what rows are and what columns are! Thank you!

[vishn]

very well explained, some other videos made these look like rocket science

[kirbypenguin]

i understood more in 5 mins from you than 3 of my classes, thank you

[marisolalfaroharris]

Thank you Joshua.  Your videos have been super helpful to me for grad school.  After being out of school for almost 14 years none of this stuff made sense to me until I watched your tutorials.  Keep up the good work and God bless.

[xmayrikax]

You just explained my 3 weeks of lecture (which I don’t understand anything) in 5mins THANK YOU! ❤️

[Deelist]

I read different articles on minimax regret but didn't grasp it till I watched your video.Thank you!

[sebastianrosadomustafa]

The most straight to the point video I have ever seen. You're amazing man, thank you so much.

[harryb]

The best of the best will always explain a concept SIMPLY. This is SIMPLE. :)

[buffon]

Couldn't be explained more clearly and precisely