The maximin approach to decision making refers to
A) minimizing the maximum return.
B) maximizing the minimum return.
C) maximizing the maximum return.
D) minimizing the minimum return.

Question

Quizplus · Accepted Answer

The maximin approach to decision making seeks to maximize the minimum return. This approach is often used in situations where the decision maker wants to avoid the worst-case scenario. By maximizing the minimum return, the decision maker can ensure that even in the worst-case scenario, they still receive a satisfactory outcome.

The Maximin Approach to Decision Making Refers to