Novel Selection Criteria for Decision Theory with a Payoff Matrix

Abstract

Decision theory with a payoff matrix is useful for selecting an alternate under uncertain state. The payoff matrix denotes estimate profit or loss obtained by each alternate under each state of nature. Some selection criteria have been proposed already in order to select an alternate. However, we can use several unused mathematical operations as the selection criteria. In this article, we will propose some novel selection criteria and also describe affects of negative payoff values.