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Mixed Strategies in Game Theory
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Nash Equilibrium in Mixed Strategies
A Nash Equilibrium in mixed strategies occurs when players choose strategies such that no player can benefit by changing their strategy, given the strategies of the others.
Representing Mixed Strategies Mathematically
Mixed strategies can be represented by a vector where each component is the probability of choosing a specific pure strategy, summing to 1.
Mixed Strategy in Zero-Sum Games
In zero-sum games, a mixed strategy can help in randomizing actions so that an opponent cannot predict the next move, potentially leading to an optimal strategy.
Example of a Mixed Strategy
In Rock-Paper-Scissors, playing each option with a probability of 1/3 is a mixed strategy.
Expected Payoff in Mixed Strategies
The expected payoff for a player using a mixed strategy is the sum of the payoffs for each pure strategy, weighted by the probability of playing that strategy.
Definition of a Mixed Strategy
A mixed strategy is a strategy in game theory where a player chooses different pure strategies with certain probabilities.
Example of Calculating Mixed Strategy Equilibrium
In a two-player game, if player 1's probabilities are and , and player 2's are and , solve for and where neither player can benefit from a unilateral change.
Purpose of Mixed Strategies
Mixed strategies are used when there is no pure strategy that is a best response to all possible strategies of the opponents.
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