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To calculate minimax regret, you first need to construct a regret table by determining the regret for each decision in each possible state of nature. Regret is calculated by taking the difference between the payoff of the best decision for a given state of nature and the payoff of the decision being evaluated. Once you have the regret table filled out, find the maximum regret for each decision and then choose the decision with the minimum of these maximum regrets as your optimal decision.

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1y ago

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