Minimax
Minimax (sometimes MinMax or MM) is a decision rule used in decision theory, game theory, statistics and philosophy for minimizing the possible loss for a worst case (maximum loss) scenario.
What is the maximin principle?
The maximin principle is a principle for making choices when one is not sure of the outcome that will result from one ’ s choice. The principle says to evaluate each option in terms of the worst possible outcome that could result from choosing that option, and to pick the option that offers the best worst outcome (the maximum minimum or maximin).
What is the maximin principle of Rawls?
Definition of The Maximin Principle. The maximan principle is a justice criterion proposed by the philosopher Rawls. A principle about the just design of social systems -- e.g., rights and duties. According to this principle the system should be designed to maximize the position of those who will be worst off in it.
Is the difference principle a maximin principle of Justice?
Because the difference principle requires maximizing the share of goods that go to those with the smallest share, it is often described as a maximin principle of justice. Rawls rejected that name, however, because of its tendency to be confused with the maximin principle of choice.
Is there a maximin principle outside of rational choice theory?
The importance and notoriety of the maximin principle outside of rational choice theory is due in large part to its connection with John Rawls ’ s A Theory of Justice (1971). Something resembling a maximin principle appears at two crucial moments in Rawls ’ s argument for the conception of justice he calls justice as fairness.
What is the maximin principle?
The maximan principle is a justice criterion proposed by the philosopher Rawls. A principle about the just design of social systems, e.g. rights and duties. According to this principle the system should be designed to maximize the position of those who will be worst off in it.
What is maximin Rawls?
Maximin is a rule for making choices under conditions of uncertainty (or risk), that is, when one must select from a range of options, each one of which may result in various outcomes.
What is MAXimum decision rule?
The Maximax Decision Rule. 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.
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 maximin and minimax principle?
Minimax (sometimes MinMax, MM or saddle point) is a decision rule used in artificial intelligence, decision theory, game theory, statistics, and philosophy for minimizing the possible loss for a worst case (maximum loss) scenario. When dealing with gains, it is referred to as "maximin" – to maximize the minimum gain.
Who gave maximin principle?
John RawlsThe maximin (a.k.a. maximize the minimum) principle was proposed by John Rawls as a central concept in his work A Theory of Justice (1991) for use as a reasonable criterion to help someone choose between several alternatives in a situation of uncertainty (or risk).
What is the difference between 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 minimax calculated?
2:314:43Decision Analysis 1: Maximax, Maximin, Minimax Regret - YouTubeYouTubeStart of suggested clipEnd of suggested clipWith the minimum of all maximum regrets across all alternatives regret also known as opportunityMoreWith the minimum of all maximum regrets across all alternatives regret also known as opportunity loss is the difference between the best payoff in a particular state of nature.
How would you describe a Max Max decision criterion quizlet?
The maximax criterion of decision making requires that all decision alternatives have an equal probability of occurrence. The maximin criterion is pessimistic, while the maximax criterion is optimistic. If a decision maker knows for sure which state of nature will occur, he/she is making a decision under certainty.
What is minimax regret rule?
The minimax regret approach is to minimize the worst-case regret, originally presented by Leonard Savage in 1951. The aim of this is to perform as closely as possible to the optimal course.
What is Bayes decision rule?
Bayesian Decision Theory (i.e. the Bayesian Decision Rule) predicts the outcome not only based on previous observations, but also by taking into account the current situation. The rule describes the most reasonable action to take based on an observation.
What happens when Maximin and Minimax 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.
What is Rawls's second principle of justice?
Second Principle: Social and economic inequalities are to satisfy two conditions: They are to be attached to offices and positions open to all under conditions of fair equality of opportunity; They are to be to the greatest benefit of the least-advantaged members of society (the difference principle) (JF, 42–43).
What is the difference principle Rawls?
In A Theory of Justice John Rawls provides a theory of social distribution based on two principles. The Difference Principle is the second principle which states that any inequality that is permitted in society should only be permitted on the basis that it benefits the least favoured in society.
What is the difference principle?
The difference principle provides that inequalities are unjustified unless they make the least advantaged better off. But in order to apply this principle, we must make predictions about the future economic effects of current economic policies, predictions that are notoriously difficult to make.
What does Rawls refer to when he talks of primary goods?
In A Theory ofJustice Rawls stipulates that primary goods are those that any rational person prefers more rather than less of, whatever her final aims.
What is the maximan principle?
The maximan principle is a justice criterion proposed by the philosopher Rawls. A principle about the just design of social systems, e.g. rights and duties. According to this principle the system should be designed to maximize the position of those who will be worst off in it. "The basic structure is just throughout when the advantages ...
Who proposed the maximan principle?
She teaches economics at Harvard and serves as a subject-matter expert for media outlets including Reuters, BBC, and Slate. The maximan principle is a justice criterion proposed by the philosopher Rawls.
Summary
Maximin is a rule for making choices under conditions of uncertainty (or risk), that is, when one must select from a range of options, each one of which may result in various outcomes. Maximin says that one should identify the worst possible outcome for each option, and then select the option for which the worst outcome is least bad.
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What is the maximin principle?from encyclopedia.com
Maximin Principle. The maximin principle is a principle for making choices when one is not sure of the outcome that will result from one ’ s choice. The principle says to evaluate each option in terms of the worst possible outcome that could result from choosing that option, and to pick the option that offers the best worst outcome ...
Why is the difference principle of justice called the maximin principle?from encyclopedia.com
Because the difference principle requires maximizing the share of goods that go to those with the smallest share, it is often described as a maximin principle of justice. Rawls rejected that name, however, because of its tendency to be confused with the maximin principle of choice. Second, Rawls ’ s argument for the two principles, ...
What is the principle of equality that Rawls is not opposed to?from qcc.cuny.edu
Rawls is not opposed to the principle of strict equality per se, his concern is about the absolute position of the least advantaged group rather than their relative position.
What is opinion divide?from qcc.cuny.edu
Opinion divides on the size of the inequalities that would, as a matter of empirical fact, be allowed by the Difference Principle, and on how much better off the least advantaged would be under the Difference Principle than under a strict equality principle.
Why is Maximin risk averse?from encyclopedia.com
Maximin is both risk and uncertainty averse, because it minimizes the degree of risk or uncertainty faced by the agent. Many rational choice theorists argue that risk aversity is irrational, as it involves a kind of double counting, valuing the mere avoidance of risk over and above its effect on the expected value of the possible outcomes.
What is the Utilitarian objection to the Difference Principle?from qcc.cuny.edu
2. The Utilitarian objection to the Difference Principle is that it does not maximize utility. In A Theory of Justice, Rawls uses Utilitarianism as the main theory for comparison with his own, and hence he responds at length to this Utilitarian objection and argues for his own theory in preference to Utilitarianism (some of these arguments are outlined in the section on Welfare-Based Principles)
What is the first priority rule?from qcc.cuny.edu
First priority rule: Rawls proposes these principles, along with the requirement that (1) must be satisfied prior to (2), and (2b) must be satisfied prior to (2a). Principle (1) and Principle (2b) may also be thought of as principles of distributive justice: (1) to govern the distribution of liberties, and ...
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.
Who developed the Maxi Min Principle?
Rawls and the Maxi Min Principle. The first significant and unique contribution to the study of Ethics by an American has been that of John Rawls, a Professor of Philosophy at Harvard University. He developed a Theory of the GOOD as Justice and Justice conceived as Fairness. His theory was developed to assist a society in ordering its affairs.
What is the first priority rule?
First priority rule: Rawls proposes these principles, along with the requirement that (1) must be satisfied prior to (2), and (2b) must be satisfied prior to (2a). Principle (1) and Principle (2b) may also be thought of as principles of distributive justice: (1) to govern the distribution of liberties, and ...
What is opinion divide?
Opinion divides on the size of the inequalities that would, as a matter of empirical fact, be allowed by the Difference Principle, and on how much better off the least advantaged would be under the Difference Principle than under a strict equality principle.
What is the principle of equality that Rawls is not opposed to?
Rawls is not opposed to the principle of strict equality per se, his concern is about the absolute position of the least advantaged group rather than their relative position.
What does the difference principle mean?
Libertarians object that the Difference Principle involves unacceptable infringements on liberty. For instance, the Difference Principle may require redistributive taxation to the poor, and Libertarians commonly object that such taxation involves the immoral taking of just holdings. (see Libertarian Principles ) ...
What is the Utilitarian objection to the Difference Principle?
2. The Utilitarian objection to the Difference Principle is that it does not maximize utility. In A Theory of Justice, Rawls uses Utilitarianism as the main theory for comparison with his own, and hence he responds at length to this Utilitarian objection and argues for his own theory in preference to Utilitarianism (some of these arguments are outlined in the section on Welfare-Based Principles)
