Journal of Japan Industrial Management Association
Online ISSN : 2432-9983
Print ISSN : 0386-4812
A Study of Criteria Using the Pay-off Matrix Studies of Decision Making under Uncertainty
Koichi YOSHIMURASennosuke KURIYAMATakio SHIMOSAKON
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1976 Volume 27 Issue 3 Pages 274-278

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Abstract
This paper is concerned with serveral considerations of criteria for decision making using the pay-off matrix. L. Hurwicz proposed a criterion, which assorts maximin and maximax, for decision making under uncertainty, namely "Generalized maximin". But this criterion takes no account of minimax regret etc., and accordingly it lacks generality. In this paper, "A criterion consisting of four criteria" is proposed, which consists of maximin, maximax, minimax regret and minimum deviation. From the results of this study, it became clear that a criterion, consisting of four criteria, expresses human behaviour more exactly than generalized maximin.
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© 1976 Japan Industrial Management Association
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