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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.
- ‘The maximin rule of economic theory doesn't necessarily fit existential queries!’
- ‘A philosopher simply couldn't play the game absent some basic facility with indifference curves, Edgeworth boxes, prisoners' dilemmas, maximin rational choice strategy, and related esoterica that had infiltrated the discussion.’
- ‘The idea of maximin relative concession is that each bargainer will be most concerned with the concessions that she makes from her ideal outcome relative to the concessions that others make.’
- ‘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.’
- ‘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?’
1950s: blend of maximum and minimum, on the pattern of minimax.
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