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A Discussion of Maximin

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  • Vitaly Pruzhansky

    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

Abstract

This paper builds on one of the results of Pruzhansky [22], namely that maximin strategies guarantee the same expected payoffs as mixed Nash equilibrium strategies in bimatrix games. We present a discussion on the applicability of maximin strategies in such class of games. The usefulness of maximin is illustrated from both positive and normative viewpoints. Examples are provided.

Suggested Citation

  • Vitaly Pruzhansky, 2004. "A Discussion of Maximin," Tinbergen Institute Discussion Papers 04-028/1, Tinbergen Institute.
    • Handle: RePEc:tin:wpaper:20040028
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    File URL: https://papers.tinbergen.nl/04028.pdf
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    References listed on IDEAS

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    10. Robert Aumann & Adam Brandenburger, 2014. "Epistemic Conditions for Nash Equilibrium," World Scientific Book Chapters, in: The Language of Game Theory Putting Epistemics into the Mathematics of Games, chapter 5, pages 113-136, World Scientific Publishing Co. Pte. Ltd..
    11. Marinacci, Massimo, 2000. "Ambiguous Games," Games and Economic Behavior, Elsevier, vol. 31(2), pages 191-219, May.
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    More about this item

    Keywords

    Bounded rationality; common knowledge of rationality; correlated equilibria; rationalizability; uncertainty aversion;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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