Which of the following best describes 'maximizing the minimum possible payoff'?
A)maximax
B)maximin
C)minimax
D)minimin
E)miximix

Name: Which of the following best describes 'maximizing the minimum possible payoff'? A)maximax B)maximin C)minimax D)minimin E)miximix
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Question

Quizplus · Accepted Answer

Maximin is a decision rule that maximizes the minimum possible payoff. It is used when decision makers are risk-averse or pessimistic, as it focuses on minimizing the potential worst outcome.

Which of the Following Best Describes 'Maximizing the Minimum Possible