English, Article edition: Wald's maximin model: a treasure in disguise! Moshe Sniedovich

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Bookmark: http://trove.nla.gov.au/version/30921
Physical Description
  • article
Language
  • English

Edition details

Title
  • Wald's maximin model: a treasure in disguise!
Author
  • Moshe Sniedovich
Physical Description
  • article
Notes
  • Purpose – The purpose of this paper is to illustrate the expressive power of Wald's maximin model and the mathematical modeling effort requisite in its application in decision under severe uncertainty. Design/​methodology/​approach – Decision making under severe uncertainty is art as well as science. This fact is manifested in the insight and ingenuity that the modeller/​analyst is required to inject into the mathematical modeling of decision problems subject to severe uncertainty. The paper elucidates this point in a brief discussion on the mathematical modeling of Wald's maximin paradigm. Findings – The apparent simplicity of the maximin paradigm implies that modeling it successfully requires a considerable mathematical modeling effort. Practical implications – The paper illustrates the importance of mastering the art of mathematical modeling especially in the application of Wald's maximin model. Originality/​value – This paper sheds new light on some of the modeling aspects of Wald's maximin paradigm.
  • Decision making, Game theory, Information modelling, Mathematical modelling, Uncertainty management
  • RePEc:eme:jrfpps:v:9:y:2008:i:3:p:287-291
Language
  • English
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