Maximin, leximin, and the protective criterion: Characterizations and comparisons

Abstract In this paper we characterize maximin, leximin, and the protective criterion. In particular, we provide a new proof for a classical characterization of maximin, we provide a new characterization of leximin, and we define and characterize a new variant of maximin: the protective criterion. The decision criteria are considered and compared in both a game agains nature framework and a social welfare framework.