optimal actions

What Is The Maximin Rule For Making Decisions?

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What Is The Maximin Rule For Making Decisions? 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.

How Do You Get A Maximin Strategy?

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How Do You Get A Maximin Strategy? Maximin Strategy = A strategy that maximizes the minimum payoff for one player. The maximin, or safety first, strategy can be found by identifying the worst possible outcome for each strategy. Then, choose the strategy where the lowest payoff is the highest. What is maximin and minimax strategy?