I find it helpful to use the term “security level” to understand maximin/leximin and “hope level” to understand maximax. “Security level” is the worst case scenario, and under maximin/leximin we want to maximize it. “Hope level” is the best case scenario, and under maximax, we want to maximize it.
I find it helpful to use the term “security level” to understand maximin/leximin and “hope level” to understand maximax. “Security level” is the worst case scenario, and under maximin/leximin we want to maximize it. “Hope level” is the best case scenario, and under maximax, we want to maximize it.