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p. 222. Chancelocked

  • Ken Binmore

Abstract

‘Chance’ explores the application of mixed strategies. Mixed strategies involve a player randomizing their choice of pure strategy in order to keep their opponent guessing. This gives rise to mixed Nash equilibria, where believing an opponent has a mixed strategy equalizes the payoff from two or more of a player's strategies. Randomization of strategies only occurs when a player is indifferent between them. A Nash equilibrium is usually reached by learning through trial and error. The minimax theorem devised by Von Neumann involves identifying the worst case scenario and picking the strategy that will maximize your payoff if this worst case scenario invariably happens.

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