Managerial Economics: Measuring Regret with the Mini-Max ...
The maximum regret is $8 million. Determine the regret for a 10-percent increase in the price of oil. For a 10-percent increase in the price of oil, the best payoff is $49 million with the same fares. The regret for reducing fares is $6 million, $49 – $43, and the regret for raising fares is $2 million, $49 – $47.
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