maximin Definition
a decision-making strategy in which the maximum possible payoff for a decision is maximized, while minimizing the maximum possible loss.
Using maximin: Examples
Take a moment to familiarize yourself with how "maximin" can be used in various situations through the following examples!
Example
The maximin strategy is often used in game theory to determine the best course of action.
Example
In business, the maximin principle is often applied when making decisions about investments or risk management.
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Summary: maximin in Brief
Maximin [mak-suh-min] is a decision-making strategy that aims to maximize the maximum possible payoff while minimizing the maximum possible loss. It is commonly used in game theory and business contexts.
