What is the role and place of Info-Gap decision theory in Robust Optimization?
Answer-23: Since Info-Gap’s robustness model is a Maximin model, the kinds of problems that Info-Gap decision theory in effect handles are of course robust optimization problems. This means that Info-Gap should be seen as belonging in the wider context of Robust Optimization and, that its performance should be judged relative to other robust optimization methods. However, as brought out by this discussion, it is precisely in this capacity that Info-Gap fails so dismally. This failure is of course due to Info-Gap’s robustness model prescribing a local robustness analysis . Indeed, the methodology put forward by Info-Gap bestows on it the dubious distinction of being the only method proposing that the search for robust decisions under conditions of severe uncertainty be confined to the neighborhood of a questionable estimate. All other methods proceed on the obvious assumption (without even theorizing about it) that, given the severe uncertainty, the true value of the parameter of intere
