Maximin Strategies Homework Help

High Researched Maximin Strategies Homework Help to Get High Grades

Every organization works harder to gain profit, and there are occasions in which risk factor is reduced and is known as low –risk strategy. The approach helps a firm to achieve the minimum gain that can be attained and this means that there are companies that keep price low to obtain maximum profit. It is also called best of the worst strategy.

Pessimists always would like to ensure that they do not end in huge loss and this attitude may work wonders when the industries are in recession. A global recession, loss of jobs all would lead to safety investment from traders and Maxmin strategy is important. Students need to know technical detail of this theory, and there is no harm in seeking help for Maximin strategies homework help from myhomeworkhelp.com.

Maxmin strategy using prisoner’s dilemma

Assume that A and B are two criminals who have been arrested for petty offense and there is evidence of guilt. If proved both would get two years of imprisonment, and they are made to sit in different cells by police.

  • They were given an option of admitting to serious crime and take a three-year sentence and get to jail.
  • Both the prisoners know that if they do not admit to serious offenses maximum they can get is two years.
  • If one person confess he or she would get one year, and another person would get ten years.

The minimum worst that can happen to An if confession takes place provided B also confess is three years to maximum ten years if B admits and A do not admit guilt. In this Maxmin strategy, the best way forward is to confess, and this theory is given importance in Maximin strategies assignment help.

Maxmin strategy in economics

The Maxmin strategy in economics is to assure a healthy monthly income however small it is from by placing the money in a savings account rather than investing in share market and for ex trading.

A hotel selling salad would have to decide minimum quantity of salads that is required, and if they feel that a minimum number of salad say 40 numbers give a maximum return, a hotel will stick with it, and the aim is not to go for maximum profit but to go for a minimum loss.

Maximin strategies homework help would give a detailed explanation about theory using tables. Use of graphs, equations, formulas, and other methods are done to ensure student gets high grades.

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