minimax theorem


Also found in: Dictionary.

minimax theorem

[′min·ə‚maks ‚thir·əm]
(mathematics)
A theorem of games that the lowest maximum expected loss in a two-person zero-sum game equals the highest minimum expected gain.
Mentioned in ?
References in periodicals archive ?
Although the results in the previous sections conclude that stop-loss reinsurance contracts are optimal for the multivariate Problem 1, further properties of the level of the optimal deductibles can be obtained by applying the minimax theorem in view of Proposition 1 and the representation theorem in Lemma 1.
1953, Minimax Theorems, Proceedings of the National Academy of Sciences of the United States of America, 39: 42-47.
The minimax theorem, the first mathematical theorem of game theory, was demonstrated by von Neumann independent of any economic considerations.
During the 1930s, von Neumann continued to show an occasional interest in the mathematics of games (46) and knew that the minimax theorem was relevant to economic theory as noted in his EEM paper.