Regret Lab: Minimax Decision Analysis

Every case strategy involves the same trade-off: certainty versus potential. Settle early for a guaranteed amount, or hold out for more and risk getting less? Regret analysis maps your options against possible outcomes and finds the strategy where even the worst-case "regret" — the gap between what you got and what you could have got — is as small as possible.

What decision are you facing?

1. What could happen?

Values are in £ and represent payoffs: positive = money received, negative = money lost (e.g. costs incurred if you lose at trial).

Strategies

2. What you'd miss out on