maximin
/ˈmaksɪmɪn
/noun Mathematics
1The highest of a set of minimum values. Compare with minimax.In other words, the average utilities measure the value of the opportunity sets offered to individuals, and one applies the maximin criterion to such values, in order to equalize the value of opportunity sets.
1.1 [as modifier] Denoting a method or strategy in game theory that maximizes the smallest gain that can be relied on by a participant in a game or other situation of conflict.Using the maximin strategy, would they choose as a primary principle the one of parental rights, subject to reasonable limits, where parents have a protected sphere of authority to raise their children?...
- The maximin rule of economic theory doesn't necessarily fit existential queries!
- At the other extreme, hardly any weight is given to maximizing well-being as it competes with priority, and the prioritarian doctrine is then barely distinguishable from the maximin principle with well-being as the maximand.
Origin
1950s: blend of maximum and minimum, on the pattern of minimax.