A Criterion for Decision-making when Supplied with Extra, Imperfect Information as to the Opponent's Intentions

Abstract

The paper describes a method of analysing decision situations which makes the fullest use of all imperfect information available to the decision-maker. It over-comes the objection of extreme pessimism levelled against the Von Neumann criterion and does not rely upon unrealistic assumptions as does the Laplace criterion.

It is suggested that, because of its simple concept and ease of application, it could replace the Savage criterion at present most favoured by businessmen.