The dating game under uncertainty Imagine that you are considering whether or not to ask somebody out on a date.

Question:- The dating game under uncertainty Imagine that you are considering whether or not to ask somebody out on a date.

(a) Given your utility function, what course of action would be favored by

(i) the maximin criterion,

(ii) the maximax criterion, and

(iii) the minimax-risk criterion?

(b) In the words of Alfred, Lord Tennyson, “’Tis better to have loved and lost / Than never to have loved at all.” What decision criterion do these lines advocate?

Answer

Explanation in a)

(i) Maximin criterion – The option preferred through this criteria is the one that gives you maximum minimum payoff. Having a longer minimum payoff is considered asking the person to go out in dating scenario as slightly embarrassed of him or her if rejected but there wouldn’t be an option on not going about it. In other words, the maximin criterion would suggest choosing to ask out that person.

ii) The maximax criterion is the preference for such an option that has the greatest maximum payoff. In other words, if the best possible outcome is that you had a fantastic date then asking the person out. Therefore, not asking them out has a higher maximum payoff of staying where they are.

iii) Minimax-risk criterion: Consider an option whose maximum loss is smallest. On the other hand, failing to ask does not maximize loss because its maximum potential “loss” is 0. So minimax-risk would prefer not to ask them out.

b) We see that the lines from Tennyson’s poem propound a method of decision making which attaches more worth to having loved and lost than never being in love at all. This implies an emphasis on a higher maximum payoff criteria rather than risk minimization. So it fits best with the maximax criterion, as this prefers choices that have the highest possible ceiling gains irrespective of their uncertainties.

On this note, the poem takes a position that it is worth taking risks with true love despite being hurt than maintain safety by avoiding any chance of real loving. This is the opinion according to which maximal happiness prevails over minimalizing maximum unhappiness. This view is reflected in the maximax criterion, which focuses on achieving the highest payoff and does not factor in worst case scenarios (Stanford.edu, 2023). Tennyson therefore appears to contribute towards an in making approach that means reaching for the sky and being ready to risk missing out so as have a shot at extraordinary achievements.