maximin value

The maximin value is a concept in game theory that represents the largest of a set of minimum possible gains. It is derived from a strategy that aims to maximize the player's outcome, even under the worst possible circumstances. This principle is used in decision-making when outcomes are uncertain and depend on the choices of other participants.12

In a game, a player using a maximin strategy first identifies the minimum payoff for each of their possible actions. Then, they choose the action that yields the highest among these minimum payoffs. This approach ensures a guaranteed minimum outcome, regardless of the opponent's actions. The minimax theorem states that in any finite, two-person constant-sum game, there's a value where the lowest maximum expected loss equals the highest minimum expected gain.314