The maximin criterion is as easy to do as the maximax. Except instead of taking the largest number under each action, you take the smallest payoff under each action (smallest number in each column). You then take the best (largest of these).

What is the maximin solution?

A maximin strategy is a strategy in game theory where a player makes a decision that yields the 'best of the worst' outcome. All decisions will have costs and benefits, and a maximin strategy is one that seeks out the decision that yields the smallest loss.

What is maximin criterion in statistics?

The Maximin criterion is a pessimistic approach. It suggests that the decision maker examines only the minimum payoffs of alternatives and chooses the alternative whose outcome is the least bad.