Question

Determining the worst payoff for each alternative and choosing the alternative with the "best worst" is the criterion called: Multiple Choice minimin. maximin. maximax. maximum likelihood. Bayes decision rule.

Answer 1

Answer: Maximin

Explanation:

With a Maximin strategy, a player in Game theory will aim to pick the alternative that yields the best payoff out of the worst payoffs that are possible.

First the worst pay-offs are determined and then the one that looks the best out of them is selected. The logic here is that the costs associated with the worst outcomes are less. So the person picks this outcome in other to reduce their costs but at the same time picking the best alternative that gives them the most savings on cost.