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The minimax adjustment principle

Author

Listed:
  • Bernhard F. Arnold
  • Peter Stahlecker

Abstract

The minimax adjustment principle presented in this paper uses the minimax principle in order to improve a given action in the light of some knowledge on the state of the nature or on the other actors. It turns out that the given action is kept unchanged if it can be reconciled with the external information, and otherwise, it is adjusted to the given knowledge in such a way that it remains as close as possible to the original action. The general approach is applied to two examples, the one comes from statistics, and the other is from economics. Here, the external information is represented by ellipsoidal sets. Copyright Springer-Verlag Berlin Heidelberg 2000

Suggested Citation

  • Bernhard F. Arnold & Peter Stahlecker, 2000. "The minimax adjustment principle," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 51(1), pages 103-113, February.
    • Handle: RePEc:spr:mathme:v:51:y:2000:i:1:p:103-113
    DOI: 10.1007/s001860050005
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    Cited by:

    1. Bernhard Arnold & Ingrid Größl & Peter Stahlecker, 2002. "The Minimax, the Minimin, and the Hurwicz Adjustment Principle," Theory and Decision, Springer, vol. 52(3), pages 233-260, May.
    2. Hauenschild Nils & Stahlecker Peter, 2004. "Minimax Adjustment Price Setting and Price Rigidities / Preissetzung nach dem Minimax-Anpassungsprinzip und Preisstarrheiten," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 224(1-2), pages 37-50, February.

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