Maximizing the utility of the person with the minimum utility is known as
A) the minimax criterion.
B) the maximin criterion.
C) the Hicks-Kaldor criterion.
D) the Corlett-Hague Rule.

Question

Quizplus · Accepted Answer

The maximin criterion is used in decision making to prioritize the best outcome for the worst case scenario. In this case, the worst case scenario is the person with the minimum utility. By maximizing their utility, we ensure that no one is left behind or worse off. The other options listed are not directly related to this concept.

Maximizing the Utility of the Person with the Minimum Utility