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Minimin vs Maximax - What's the difference?

minimin | maximax | see also |

In economics computer science decision theory terms the difference between minimin and maximax

is that minimin is a strategy or algorithm that seeks to minimize the minimum possible result while maximax is a strategy or algorithm that seeks to maximize the maximum possible result (that is, that prefers the alternative with the chance of the best possible outcome, even if its expected outcome and its worst possible outcome are worse than other alternatives); often used attributively, as "maximax strategy", "maximax approach", and so on.

minimin

English

Noun

(-)
  • (economics, computer science, decision theory) A strategy or algorithm that seeks to minimize the minimum possible result.

    • maximax

    English

    Noun

    (-)
  • (economics, computer science, decision theory) A strategy or algorithm that seeks to maximize the maximum possible result (that is, that prefers the alternative with the chance of the best possible outcome, even if its expected outcome and its worst possible outcome are worse than other alternatives);
  • * 2009 , Harold Kerzner, Project Management: A Systems Approach to Planning, Scheduling, and Controlling , Tenth Edition, John Wiley and Sons, ISBN 978-0-470-27870-3, page 749:
    • The first criterion is the criterion, often referred to the maximax criterion. the decision-maker is always optimistic and attempts to maximize profits by a go-for-broke strategy.

    See also

    * (strategy that maximizes the maximum) maximin, minimax, minimin