[#4] Decision theory | Decision under uncertainty | Laplace Criterion| By Dr. Jithin Benedict

This is the video about decision theory under uncertainty in Operations research.
This fourth part of the video contains, theory and the solved problem on the Laplace Criterion.
Please try to watch the complete video to understand the subject thoroughly.

In the first part, we have seen the video for the following information,
-What is decision theory briefly and its environments (decision under certainty and decision under risk and decision under uncertainty)
-Under uncertainty, we have seen five different criteria along with the problems. -decision under uncertainty in that video we saw the below information.

What is criterion of Optimism
(Decision theory when MaxiMax criterion)
(Decision theory when MiniMin criterion)
Criterion of pessimism
(Decision theory when MaxiMin criterion)
(Decision theory when MiniMax criterion)

The next part will contain Hurwicz criterion or criterion of Realism or weighted average criterion.

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