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The Maximin or Minimax Principle is a decision-making approach used in situations of uncertainty, particularly when a decision-maker faces risk without knowing the probabilities of different outcomes. This principle is a conservative strategy that aims to minimize potential losses or maximize the minimum gain. In the Maximin approach, the decision-maker identifies the minimum payoff for each alternative or strategy and then _______ ___ _________ ____ __________ ____ ____ ______ ________ _________ ___.
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