Minimax regret criterion

Minimax regret criterion,

Definition of Minimax regret criterion:

  1. The minimization of regret that is highest when one decision has been made instead of another. In a situation in which a decision has been made that causes the expected payoff of an event to be less than expected, this criterion encourages the avoidance of regret. also called opportunity loss.

Meaning of Minimax regret criterion & Minimax regret criterion Definition