In his discussion of minimax decision rules, Savage (1954, p. 170) presents an example purporting to show that minimax applied to negative expected utility (referred to by Savage as 'negative income') is an inadequate decision criterion for statistics; he suggests the application of a minimax...

We consider the pricing problem faced by a monopolist who sells a product to a population of consumers over a finite time horizon. Customers are heterogeneous along two dimensions: (i) willingness-to-pay for the product and (ii) arrival time during the selling season. We assume that the seller...