If costs/losses, rather than profits/gains, are concerned, the minimax criterion is equivalent to:
A)maximin.
B)maximax.
C)minimax regret.
D)minimin.

Question

Quizplus · Accepted Answer

When focusing on minimizing losses rather than maximizing gains, the minimax criterion, which seeks to minimize the maximum loss, is equivalent to the maximin criterion. The maximin strategy aims to maximize the minimum gain, which, when considering losses, translates to minimizing the maximum possible loss.

If Costs/losses, Rather Than Profits/gains, Are Concerned, the Minimax Criterion