Decision rules (business administration) Example [TIMESTAMPS] EW, EW-variance, minimax, Hurwicz, Savage-Niehans etc

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Leos Mathekanal

Published on Dec 29, 2020
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Timestamps: Introduction 0:00-1:06 Decision under certainty 1:06-2:06 Decisions under risk 2:06-2:33 Expected value rule 2:33-4:17 Expected value-variance rule 4:17- What is variance and what does it mean for the rule? 4:30- Risk parameter alpha 5:33- 7:14 Calculating variance and standard deviation 7:14- 10:47 Decision EW-variance rule 10:47-12:26 Decisions under uncertainty 12:26 -12:40 Minimax rule 12:40- 14:01 Maximax rule 14:01 - 14:37 Laplace rule 14:37 - 15:14 Hurwicz rule 15:14- 17:42 Savage-Niehans rule 17:43- 20:58 Criticisms of decision rules 21:05-23:32 In this video I present the following decision rules using the example: Expected value rule Expected value-variance rule Minimax rule Maximax rule Hurwicz rule Laplace rule Savage-Niehans rule #bwl #businessadministration #explanation

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