GAME THEORY l BASIC CONCEPTS l BeingGourav.Com

Gourav Manjrekar
Gourav Manjrekar
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Game theory is used for decision making under conflicting situations where there are one or more opponents (i.e., players).



Strategy

The strategy of a player is the predetermined rule by which player decides his course of action from his own list during the game


Pure Strategy

pure strategy is a decision rule always used by player  to select a particular course of action.

Mixed Strategy

Mixed strategy is a selection among pure strategies with fixed probabilities.

Maximin Principle- Player A selects a strategy to maximize the minimum gains (pay-off).

Minimax Principle- Player B selects a strategy to minimize the maximum losses (pay-off).

A saddle point of a matrix is the position of such an element in the payoff matrix, which is minimum in its row and the maximum in its column.A game may have more than one saddle point.

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