The Maximin criterion

The Maximin criterion is a decision-making approach used in uncertain situations. It involves choosing the option where the worst possible outcome is the best compared to the worst outcomes of other options. Essentially, you look at the lowest result each option might produce and select the one with the highest minimum. This strategy is useful when you want to minimize risk and ensure a decent outcome even in the worst-case scenario. It’s often applied in situations where safety, security, or risk aversion is a priority.