As nouns the difference between maximin and minimax is that** maximin is in decision theory and game theory** etc, a rule to identify the worst outcome of each possible option to find one's best (maximum payoff) play while minimax is in decision theory, game theory, etc a decision rule used for minimizing the maximum possible loss, or maximizing the minimum gain.

## What is the difference between maximax and minimax?

The maximax looks at the best that could happen under each action and then chooses the action with the largest value. The maximin person looks at the worst that could happen under each action and then choose the action with the largest payoff. Likewise, what is Minimax criterion?

## What are Maximin maximax and minimax regret?

Maximin, maximax and minimax regret are three approaches to decision making under uncertainty.

## What is minimax in decision theory?

Minimax, as the name suggest, is a method in decision theory for minimizing the maximum loss. Alternatively, it can be thought of as maximizing the minimum gain, which is also know as Maximin.

## What is a minimax in chess?

“Maximin” is a term commonly used for non-zero-sum games to describe the strategy which maximizes one's own minimum payoff. The minimax algorithm is a recursive algorithm for choosing the next move in an n-player game, usually a two-player game. A value is associated with each position or state of the game. Click to see full answer.

## What is Maximin and Minimax principle in game theory?

zero-sum game: A zero-sum game is one in which the sum of the individual payoffs for each outcome is zero. Minimax strategy: minimizing one's own maximum loss. Maximin strategy: maximize one's own minimum gain.

## What is a Max Min and Min Max strategy?

Maxmin and Minmax. Max-Min Strategies. Player i's maxmin strategy is a strategy that maximizes i's. worst-case payoff, in the situation where all the other players. (whom we denote −i) happen to play the strategies which.

## What is Maximax and maximin?

Maximizing the payoff at all cost (risk taker) — Maximax. Maximizing the minimum payoff (risk aversion) — Maximin. Minimizing the potential regret (loss or missing out) — Minimax.

## How is Maximin and Minimax calculated?

2:314:43Decision Analysis 1: Maximax, Maximin, Minimax Regret - YouTubeYouTubeStart of suggested clipEnd of suggested clipThen the regret will be 70 minus 40 which is 30 if we invested in stocks. Then there is no regret.MoreThen the regret will be 70 minus 40 which is 30 if we invested in stocks. Then there is no regret. If we invested in mutual funds. Then the regret is 70 minus 53 which is 17.

## What is a minimax strategy?

Minimax is a strategy of always minimizing the maximum possible loss which can result from a choice that a player makes.

## What do you mean by minimax?

Definition of minimax : the minimum of a set of maxima especially : the smallest of a set of maximum possible losses each of which occurs in the most unfavorable outcome of a strategy followed by a participant in a situation governed by game theory — compare maximin.

## What is the maximin in economics?

A maximin strategy is a strategy in game theory where a player makes a decision that yields the 'best of the worst' outcome. All decisions will have costs and benefits, and a maximin strategy is one that seeks out the decision that yields the smallest loss.

## What is maximin in game theory?

Minimax, as the name suggest, is a method in decision theory for minimizing the maximum loss. Alternatively, it can be thought of as maximizing the minimum gain, which is also know as Maximin.

## What is Maximax in decision making?

The Maximax decision rule is used when a manager wants the possibility of having the highest available payoff. It is called Maximax beacuse the manager will find the decision alternative that MAXImizes the MAXimum payoff for each alternative.

## When minimax and maximin values of the game are same?

When maximin and minimax values of the game are the same then saddle point exists. (Option C). The game has an equilibrium point which is also called the saddle point when the maximin value is equal to the minimax value.

## How do you calculate maximin?

The maximin criterion is as easy to do as the maximax. Except instead of taking the largest number under each action, you take the smallest payoff under each action (smallest number in each column). You then take the best (largest of these).

## What is minimax algorithm?

The minimax algorithm is a way of finding an optimal move in a two player game.** Alpha-beta pruning ** is a way of finding the optimal minimax solution while avoiding searching subtrees of moves which won’t be selected. In the search tree for a two-player game, there are two kinds of nodes, nodes representing your moves and nodes representing your opponent’s moves. Nodes representing your moves are generally drawn as squares (or possibly upward pointing triangles):

## What is the term for minimizing the maximum loss?

**Minimax, ** as the name suggest, is a method in decision theory for minimizing the maximum loss. Alternatively, it can be thought of as maximizing the minimum gain, which is also know as Maximin.

## Illustration

Payoff tables show the payoff (profit or loss) for the range of possible outcomes based on two factors:

## Maximax

The maximax rule involves selecting the alternative that maximises the maximum payoff available.

## Maximin

The maximin rule involves selecting the alternative that maximises the minimum pay-off achievable. The investor would look at the worst possible outcome at each supply level, then selects the highest one of these. The decision maker therefore chooses the outcome which is guaranteed to minimise his losses.

## Minimax regret

The minimax regret strategy is the one that minimises the maximum regret. It is useful for a risk-neutral decision maker. Essentially, this is the technique for a 'sore loser' who does not wish to make the wrong decision.

## English

In decision theory and game theory etc, a rule to identify the worst outcome of each possible option to find one's best (maximum payoff) play.

## English

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.

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