The Maximin Rule is a decision-making strategy used in situations of uncertainty, where the decision-maker aims to maximize the minimum possible payoff. It is particularly applied in scenarios where the worst-case outcome is of primary concern, such as in risk-averse decision-making or game theory contexts involving adversarial settings.

Maximin Rule

decision-making strategy

situations of uncertainty

Maximum minimum possible payoff

worst-case outcome

risk-averse decision-making

Game theory is a mathematical framework used for analyzing strategic interactions where the outcome for each participant depends on the actions of all involved. It provides insights into competitive and cooperative behaviors in economics, politics, and beyond, helping to predict and explain decision-making processes in complex scenarios.

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