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maximin


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In decision theory and game theory, an alternative or strategy (2) that ensures the best of the worst possible payoffs, thereby maximizing the minimum possible payoff. Thus if there are three available alternatives, and if the worst that can happen is a small loss if the first alternative is chosen, a medium loss if the second alternative is chosen, and a large loss if the third alternative is chosen, then the first alternative is the maximin alternative irrespective of what other payoffs are possible. See also Ellsberg paradox, minimax, modified Ellsberg paradox.

Subjects: Economics — Psychology.


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