The minimax regret criterion maximizes the minimum regret.Group of answer choicesTrueFalse

The statement "The minimax regret criterion maximizes the minimum regret" is False.

Explanation:

The minimax regret criterion is a decision-making approach used in decision theory under uncertainty. It focuses on minimizing the maximum regret one could face by selecting a particular decision alternative.

Regret is defined as the difference between the payoff of the best possible decision and the payoff of the chosen decision. The minimax regret criterion evaluates all possible outcomes and their associated regrets, then selects the decision that minimizes the maximum possible regret.

Therefore, the correct interpretation of the minimax regret criterion is that it minimizes the maximum regret, rather than maximizing it.