Maximizing the Utility of the Person with the Minimum Utility

question 27

Multiple Choice

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.

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Definitions:

Collectivism

A cultural value that emphasizes the importance of the group over the individual, prioritizing group goals over personal goals.

Personal Goals

Objectives or ambitions that an individual sets for themselves, aiming to achieve personal growth or accomplish specific tasks.

Psychodynamic

A psychological perspective that focuses on the dynamic interplay between conscious and unconscious processes in shaping personality and behavior.

Behavioural

Pertaining to the actions or reactions of a person or animal in response to external or internal stimuli.