maximin criterion |
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Definition
In decision theory, the pessimistic (conservative) decision making rule under conditions of uncertainty. It states that the decision maker should select the course of action whose worst (maximum) loss is better than the least (minimum) loss of all other courses of action possible in given circumstances. Also called maximin regret or minimax criterion.
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maximin criterion is in the Decision Making, Problem Solving, & Strategy and Investing subjects.
maximin criterion appears in the definitions of the following terms: maximin regret and maximax criterion
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