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Game Trees and Backward Induction
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Zermelo’s Theorem
Zermelo’s Theorem states that in a finite game of perfect information, there always exists an optimal strategy that leads to a win or a draw for one of the players.
Chance Nodes
Chance nodes in a game tree represent points where a random event occurs, affecting the outcome of the game. They are typically denoted with circles and assigned probabilities.
Minimax Algorithm
The Minimax Algorithm is used in decision-making and game theory to minimize the possible loss for a worst-case scenario. When dealing with gains, it is called maximin.
Game Tree Definition
A game tree is a graphical representation of a sequential game which shows the possible moves of each player, their information at each point, and their payoffs for every possible outcome.
Pruning in Game Trees
Pruning within game trees involves eliminating branches that cannot possibly influence the final decision, thus reducing the computation time needed to find optimal strategies.
Subgame Perfect Equilibrium
Subgame Perfect Equilibrium refers to a Nash Equilibrium where players' strategies constitute a Nash Equilibrium in every subgame of the original game. It's found using backward induction.
Backward Induction
Backward induction is a method used to solve game trees by starting at the end of the game and proceeding backwards to determine the optimal strategies for earlier moves.
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