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Choice under uncertainty
A simple choice problem
Consider the following choice problem:
Crisis
0
−3
10
No crisis
2
6
−6
Safe
Medium
Risky-Hedge
A simple choice problem
Consider the following choice problem:
Crisis
0
−3
10
No crisis
2
6
−6
Safe
Medium
Risky-Hedge
The investor is ignorant and he does not know the
probability of Crisis/No Crisis.
MaxiMin
The investor may choose a strategy that maximizes the
minimal payoffs across the states
MaxiMin
The investor may choose a strategy that maximizes the
minimal payoffs across the states
C
0
−3
10
NC
2
6
−6
MaxiMin
0
−3
−6
S
M
R-H
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