Minimax

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August 25, 2024 4 min read Definitions
Minimax Principle: Decision Criterion for Minimizing Regret
Mathematics Decision Theory Economics Minimax Decision Making Game Theory Regret Minimization Optimization
The minimax principle is a decision criterion aimed at minimizing the worst-case scenario, thus reducing possible regret by ensuring the most unfavorable outcome is as favorable as possible. It finds extensive applications in decision theory, game theory, and economics.
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