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MiniMax and Decision Tree Payoff Questions

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I have 3 individual questions related to a class lecture that we had on Payoff Alternatives and Regret. These questions should be VERY simple, and probably take less than 2 minutes to answer.

1. Is it true that the payoff at the end of a decision tree represents everything along the path leading to that end?

2. Are the several potential outcomes resulting from a decision called "decision alternatives", or are they called "states" ?

3. For a given event, if the payoffs for alternatives 1, 2, and 3 (the only alternatives) are 50, 125, and -50 respectively, what is the regret associated with alternative 1?

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Solution Summary

The solution answers minimax and decision tree payoff questions.