What is vacation of choice under minimax regret criterion

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Reference no: EM132152705

The Vacation

Final exams are almost here and once they are done, it will be time to reward myself with a well-deserved vacation. As a state employee, I haven't seen a raise since... well, ever. Thus an important criterion, in fact the most important criterion is to find an exotic region that can be visited inexpensively. There are three states of nature that could impact costs in these five areas of interest, and they correspond to the relative strength of the US Dollar against that region's dominant currency. Rather than squander my time doing any actual publishable research, instead I have determined the average cost per day to visit each region under each of the possible states of nature. This table, which should not be construed as actual vacation advice, appears below.

Weak dollar Middle dollar Strong dollar

Eastern Europe 33 54 57

Southeast Asia 41 56 36

Australia 45 44 58

Galeopagos Islands 37 35 26

Scandinavia 38 11 48

What is the vacation of choice under the minimax regret criterion?

Reference no: EM132152705

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