Wald's maximin model: a treasure in disguise!

Abstract

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.

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