The Minimax Theorem, formulated by John von Neumann, is a fundamental result in game theory which states that in zero-sum games, there exists a pair of strategies for each player such that the maximum loss of one player is minimized. This theorem ensures that both players can optimize their strategies to guarantee the best possible outcome, regardless of the opponent's actions.

Minimax Theorem

John von Neumann

fundamental result in game theory

A zero-sum game is a situation in which one participant's gain or loss is exactly balanced by the losses or gains of the other participants, making the total change in wealth or benefit zero. It is a fundamental concept in game theory, often used to model competitive scenarios where the interests of different parties are strictly opposed.

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