minimax criterion

minimax criterion

[′min·ə‚maks krī‚tir·ē·ən]
(statistics)
A concept in game theory and decision theory which requires that losses or expected losses associated with a variable that can be controlled be minimized, and thus maximizes the losses or expected losses associated with the variable that cannot be controlled.
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References in periodicals archive ?
We showed that under the minimax criterion, comonotonicity is the least favorable dependence structure among the insurable risks.
One intuitively logical rationale for decision in the face of significant risk when probability is either unknown or irrelevant is known as the minimax criterion for decision under risk.