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Mixed Strategies in Game Theory

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Nash Equilibrium in Mixed Strategies

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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.

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Representing Mixed Strategies Mathematically

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Mixed strategies can be represented by a vector where each component is the probability of choosing a specific pure strategy, summing to 1.

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Mixed Strategy in Zero-Sum Games

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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.

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Example of a Mixed Strategy

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In Rock-Paper-Scissors, playing each option with a probability of 1/3 is a mixed strategy.

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Expected Payoff in Mixed Strategies

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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.

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Definition of a Mixed Strategy

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A mixed strategy is a strategy in game theory where a player chooses different pure strategies with certain probabilities.

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Example of Calculating Mixed Strategy Equilibrium

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In a two-player game, if player 1's probabilities are pp and 1p1-p, and player 2's are qq and 1q1-q, solve for pp and qq where neither player can benefit from a unilateral change.

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Purpose of Mixed Strategies

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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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