maximin
Best of worsts
Maximin is a decision-making strategy in game theory and economics where you choose the option that maximizes the minimum possible outcome—essentially, picking the best of the worst-case scenarios.
It's a conservative approach favored when the stakes are high and you want to avoid catastrophic losses.
The maximin strategy ensures we're protected even if everything goes wrong.
The related maximax strategy instead pursues the best possible outcome regardless of risk.
Balanced gains and losses
- playerGame participant
- strategyPlanned approach to goals
- payoffCulminating benefit received
- opponentOne who contends against
competitive · two-player · sequential · simultaneous · adversarial · coalition · strategic
Preferring safety over uncertainty
- prudenceCareful, wise judgment
- cautionCareful attention to risk
- conservatismPreference for existing institutions
- safetyFreedom from harm
security · precaution · protection · safeguard · insurance · guarantee · fallback · buffer
Fair treatment under law
- fairnessJust and equal treatment
- distributiveConcerning fair division
- equalitySame status for all
- egalitarianismPhilosophy of universal equality
liberalism · ethics · welfare · impartiality · redistribution · equity
Limits on action
- algorithmFinite problem-solving procedure
- efficiencyProductive without waste
- trade-offExchange requiring sacrifice
- stochasticRandomly determined, statistically describable
heuristic · optimality · duality · simplex · bounded · lexicographic
zero-sum
Balanced gains and losses
opponent · competitive · two-player · sequential · simultaneous · adversarial · coalition · strategic
risk-averse
Preferring safety over uncertainty
- prudenceCareful, wise judgment
- cautionCareful attention to risk
- conservatismPreference for existing institutions
safety · security · precaution · protection · safeguard · insurance · guarantee · fallback · buffer · contingency
justice
Fair treatment under law
- fairnessJust and equal treatment
- distributiveConcerning fair division
- equalitySame status for all
egalitarianism · liberalism · ethics · welfare · impartiality · redistribution · equity
constraints
Limits on action
- algorithmFinite problem-solving procedure
- efficiencyProductive without waste
- trade-offExchange requiring sacrifice
stochastic · heuristic · optimality · duality · simplex · bounded · lexicographic
- maximum securityHighest-level prison classification
- maximum speedHighest attainable velocity
- maximum capacityUpper limit of containment
- maximum sentenceLongest term a judge can impose
- maximum-security prisonHighest-level detention facility
- maximum effort
maximum, maximize, maximal, maximizer, maximizing, maximized, maximizes, maxima