The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd


  • Jörg Stoye
Reference work entry


Minimax (Wald, Statistical decision functions. New York: Wiley, 1950) is the principle in statistical decision theory of minimizing worst-case risk. It is the subject of a rich literature in statistics and saw occasional normative application in economics. Minimax is related to the maximin expected utility model (Gilboa and Schmeidler, J. Math. Econ. 18:141–153, 1989) in economics, an model of ambiguity aversion that was recently used to analyse model uncertainty.


Ambiguity Decision theory Econometrics Estimation Maxmin Minimax Minimax regret Model uncertainty 

JEL Classifications

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Jörg Stoye
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