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Decision making under uncertainty works with a payoff table that looks something like the following: Payoffs Outcome O_1 O_2 ... O_m Choice C_1 P_1,1 P_1,2
Decision making under uncertainty works with a payoff table that looks something like the following: Payoffs Outcome O_1 O_2 ... O_m Choice C_1 P_1,1 P_1,2 P_1,m C_2 P_2,1 P_2,2 P_2,m ... C_n P_n,1 P_n,2 P_n,m The payoffs can be any real numbers. Suppose that you add the same constant to each payoff. What happens to the results under any of the decision strategies? There is no change. It depends on the original payoffs and the added constant. Equally likely and realism will produce the same results, but minimax regret, maximax and maximin can change. All but minimax regret will be left unchanged
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