What are the applications of the Savage criterion in decision-making approach?

The Savage criterion, also known as the Minimax Regret Criterion, is a decision-making approach used in situations of uncertainty. It was developed by Leonard Savage in the 1950s and is used to select the best option when there are different possible outcomes, but the probabilities of those outcomes are not known. The key idea behind the Savage criterion is to minimize the maximum possible regret a decision-maker might experience as a result of making a choice.