The solution says that minimax (it's a matrix of profits) is maximising the minimum gain. Shouldn't it be minimising the maximum gain? They then say that maximax is maximising the maximum gain. I understand this part but there now seems to be a lack of consistency with the first part? Please could someone explain..
Minimax is minimising the maximum loss if it's a loss function (ie finding the best of the worst case scenarios). This is equivalent to maximising the minimum gain if it's a profit function (again we are finding the best of the worst case scenarios).
