Minimized Risk (Probability Theory)

freeski

1. The problem statement, all variables and given/known data
The rv X has pdf f(x) = cx, for 1 < x < 2, with f(x) = 0 otherwise. Compute the 3 M’s, and also compute the minimized risks in each case. Mode, median, mean.


2. Relevant equations



3. The attempt at a solution
I think I have computed the 3 M's
mode of x = 2
median of x = 1.225
mean of x = 1.56

I am not sure what is meant by minimized risk. I have been going over my notes and all I have are the derivations of the 3 M's.

Thank you.