# What is the Maximax strategy?

## What is the Maximax strategy?

A maximax strategy is a strategy in game theory where a player, facing uncertainty, makes a decision that yields the ‘best of the best’ outcome. All decisions will have costs and benefits, and a maximax strategy is one that seeks out where the greatest benefit can be found.

## How do you get Maximax strategy?

The maximax criterion is much easier to do than the expected value. You simply look at the best you could do under each action (the largest number in each column). You then take the best (largest) of these. The largest payoff if you buy 20, 40, 60, and 80 bicycles are $550, 1270, 2050, and 2330 respectively.

**What is the Maximax rule?**

The Maximax Decision Rule. The Maximax decision rule is used when a manager wants the possibility of having the highest available payoff. It is called Maximax beacuse the manager will find the decision alternative that MAXImizes the MAXimum payoff for each alternative.

**How would you describe a Maximax decision criterion?**

The Maximax criterion is an optimistic approach. It suggests that the decision maker examine the maximum payoffs of alternatives and choose the alternative whose outcome is the best. This criterion appeals to the adventurous decision maker who is attracted by high payoffs.

### What does Maximax mean?

maximaxnoun. A strategy or algorithm that seeks to maximize the maximum possible result (that is, that prefers the alternative with the chance of the best possible outcome, even if its expected outcome and its worst possible outcome are worse than other alternatives); Etymology: From maximum, maximize + maximum.

### What is Maximax and minimax?

The maximax payoff criterion seeks the largest of the maximum payoffs among the actions. The maximin payoff criterion seeks the largest of the minimum payoffs among the actions. The minimax regret criterion seeks the smallest of the maximum regrets among the actions.

**What is Maximax and maximin criterion?**

**What is a minimax strategy?**

Minimax is a strategy of always minimizing the maximum possible loss which can result from a choice that a player makes.