Definitions
- Used in game theory to describe a strategy that minimizes the maximum possible loss. - Refers to a decision-making process that considers the worst-case scenario and chooses the option with the least negative outcome. - Used in optimization problems to find the minimum value of the maximum function.
- Used in game theory to describe a strategy that maximizes the minimum possible gain. - Refers to a decision-making process that considers the best-case scenario and chooses the option with the highest potential outcome. - Used in optimization problems to find the maximum value of the minimum function.
List of Similarities
- 1Both terms are used in game theory and decision-making processes.
- 2Both involve considering the best and worst-case scenarios.
- 3Both aim to optimize outcomes by minimizing losses or maximizing gains.
What is the difference?
- 1Focus: Minimax focuses on minimizing the maximum possible loss, while maximin focuses on maximizing the minimum possible gain.
- 2Strategy: Minimax involves choosing a strategy that minimizes the maximum loss, while maximin involves choosing a strategy that maximizes the minimum gain.
- 3Application: Minimax is commonly used in games such as chess, while maximin is often used in situations where the outcome is uncertain, such as in business or politics.
- 4Function: Minimax is used to find the minimum value of the maximum function, while maximin is used to find the maximum value of the minimum function.
- 5Connotation: Minimax is associated with a defensive strategy, while maximin is associated with an aggressive strategy.
Remember this!
Minimax and maximin are two terms used in game theory and decision-making processes. They both involve considering the best and worst-case scenarios and aim to optimize outcomes. However, the difference between them lies in their focus, strategy, application, function, and connotation. Minimax focuses on minimizing the maximum possible loss, while maximin focuses on maximizing the minimum possible gain.
