Maximax and maximin strategies

Maximax

A maximax strategy is a strategy in Game Theory where a player makes a decision that yields the ‘best of the best’ outcome. All decisions will have costs and benefits, and a maximax strategy is one that seeks out where the greatest benefit can be found. The maximax theorem was first formulated in 1928 by John von Neumann. 

Maximin

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.