Apply maximin and minimax regret criteria to this decision

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An individual must decide whether or not to pursue a business opportunity. If he does pursue the opportunity, then he will get a $20 profit if the business is successful and a $10 loss if the business fails. Apply the maximin and minimax regret criteria to this decision.

maximin: do not invest. minimax regret: do not invest

maximin: do not invest. minimax regret: invest

maximin: invest. minimax regret: do not invest

maximin: invest. minimax regret: invest

Reference no: EM13831915

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