A NEW APPROACH TO TWO-PERSON GAME THEORY USING MEDIAN CONSIDERATIONS.
Abstract
The concept of mixed strategies greatly extends the opportunity to obtain optimum strategies for discrete two-person game theory but introduces probability considerations. That is, the payoffs to the player can have probability distributions. This complicates the determination of optimum strategies. However, this determination can be greatly simplified by only considering some reasonable kind of 'representative value' for a distribution. The distribution mean is used in the expected-value approach. Another reasonable choice is the distribution median, and this is the basis for median game theory. The median approach not only can be applied to the payoffs for each player but also to the possible outcomes (pairs of payoffs, one to each player) for the game. Application of the median approach to the payoffs for each player yields some results that are much more widely applicable than those for expected-value game theory. Median results that are generally usable, for virtually all types of payoffs, are developed by applying the median approach to outcomes. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 13, 1970
- Accession Number
- AD0704798
Entities
People
- Grace J. Kelleher
- John E. Walsh
Organizations
- Southern Methodist University