MAXIMIN Meaning and
Definition
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Maximin is a concept used in decision theory and game theory to identify the optimal or most favorable outcome for a player in a situation where the potential outcomes are uncertain or risky. It is a strategy that prioritizes the maximization of the minimum payoff or utility that could be obtained.
In decision theory, maximin refers to a decision-making approach where the decision-maker aims to select the option that guarantees the highest payoff, assuming they have the minimum amount of information about the potential outcome probabilities. The rationale behind this strategy is to ensure the highest level of protection against worst-case scenarios or unfavorable outcomes.
In game theory, maximin is often used when analyzing zero-sum games, where the interests of different players are directly opposed to one another. In this context, maximin refers to a strategy that aims to maximize one's own payoff while minimizing the maximum possible gains of the opponent(s). By adopting this strategy, a player attempts to secure the best possible outcome in a game where the opponent(s) may act to hinder their success.
Overall, maximin can be seen as a risk-averse approach, where the decision-maker or player prioritizes avoiding unfavorable outcomes and ensuring the best possible result in a situation of uncertainty or competition. It is based on the idea of minimizing or eliminating risk rather than taking higher but uncertain risks.
Common Misspellings for MAXIMIN
- maxjmino
- naximin
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- jaximin
- mzximin
- msximin
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- maxikin
Etymology of MAXIMIN
The word maximin is derived from two Latin words, maximus meaning greatest or largest, and minimus meaning smallest or least. When combined, these words form maximin, which is a concept used in decision theory and game theory to refer to a strategy that maximizes the minimum possible outcome or minimizes the maximum possible loss. The term was coined in the mid-20th century by John Von Neumann and Oskar Morgenstern in their seminal work Theory of Games and Economic Behavior.
