The maximin criterion is optimistic, while the maximax criterion is pessimistic.

Question

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The maximin criterion is considered to be pessimistic as it focuses on the worst-case scenario and chooses the alternative that provides the highest minimum payoff. On the other hand, the maximax criterion is considered to be optimistic as it focuses on the best-case scenario and chooses the alternative that provides the highest maximum payoff.

The Maximin Criterion Is Optimistic, While the Maximax Criterion Is