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Bookmark or Share- What Is the Maximin Principle in Economics? - ThoughtCoThe maximan principle is a justice criterion proposed by the philosopher Rawls. A principle about the just design of social systems, e.g. rights and duties. According to this principle the system should be designed to maximize the position of those who will be worst off in it.
- Maximax, maximin and minimax regretThe maximin rule involves selecting the alternative that maximises the minimum pay-off achievable. The investor would look at the worst possible outcome at each supply level, then selects the highest one of these.
- Maximin Definition & Meaning - Merriam-WebsterThe meaning of MAXIMIN is the maximum of a set of minima; especially : the largest of a set of minimum possible gains each of which occurs in the least advantageous outcome of a strategy followed by a participant in a situation governed by game theory.
- Maximin Principle - Encyclopedia.comThe maximin principle is a principle for making choices when one is not sure of the outcome that will result from one ’ s choice. The principle says to evaluate each option in terms of the worst possible outcome that could result from choosing that option, and to pick the option that offers the best worst outcome (the maximum minimum or maximin).
- Maximin - WikipediaMaximin (decision theory), also known as minimax, a strategy to maximize the minimum possible payback; Maximin (philosophy), a principle regarding how justice relates to inequality
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