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Article: Maximin Principle
- Article from:
- International Encyclopedia of the Social Sciences
CopyrightCOPYRIGHT 2008 Thomson Gale. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Maximin Principle
BIBLIOGRAPHY
The maximin principle is a principle for making choices when one is not sure of the outcome that will result from one
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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). Rational choice theory generally divides situations in which agents do not know for sure the outcome of their choices into three types: risk, uncertainty, and games. In situations of risk, the probabilities of various outcomes resulting from particular choices are known. In situations of uncertainty, those ...
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