Take the maximum of the minimum gains, i.e. the maximum of row minima (maximin), and the minimum of the maximum losses, i.e. the minimum of column maxima (minimax).

Our characterization shows that a rational and consistent consequen-tialist who ascribes the same properties to his opponent has to play maximin strategies. This result can be extended …

With a maximin strategy, a firm determines the worst outcome for each option, then chooses the option that maximizes the payoff among the worst outcomes. If Firm A chooses H, the worst …

The maximin (a.k.a. maximize the minimum) principle was proposed by John Rawls as a central concept in his work Theory of Justice (1991) for use as a reasonable criterion to help someone …

As Rawls says, the maximin rule is at best only attractive in conditions of uncertainty in which very special features obtain.1 The following are the three special features Rawls specifies as giving …

Maximin criterion assumed the least favorable state of nature occurs for each decision Calculate the average reward for each alternative and select the alternative with the maximum number

Oct 28, 2020 · It is sometimes applied to minimize the possible loss for a worst case Go (maximum loss) scenario. A maximin problem maximizes the minimum value. It is used to …