The highest value of a set of numbers, each found by taking the minimum of some further set. The maximin is a useful concept in game theory. Suppose that i possible strategies of firm A, which seeks to maximize the outcome, say the market share of A, are represented by the rows in a pay-off matrix, and j possible strategies of firm B, which seeks to minimize the outcome, are represented by the columns in the same matrix. Entries x_ij represent the outcome if A chooses strategy i and B chooses strategy j. If A has to choose its strategy first, B will choose the row minimum, that is the strategy with the minimum x_ij. A therefore chooses the strategy i for which this row minimum is greatest: this is the maximin. If the choices are simultaneous, and A does not know what strategy B will choose, the maximin value of x_ij is the worst outcome that can result for A.

• expenditure
• expenditure-based deflator
• expenditure changing
• expenditure method
• expenditure, public
• expenditure switching
• expenditure tax
• exploitation
• exponent
• exponential
• exportables
• export concentration
• export control
• export credit
• export credit agency
• Export Credits Guarantee Department
• Export Import Bank
• export incentives
• export-led growth
• export multiplier
• export promotion
• export restraint, voluntary
• exports
• export subsidy
• export surplus