Mixed Strategies (L17)

Question 1

pure strategies

Answer 1

given strategies

Question 2

mixed strategies

Answer 2

if the strategies aren’t played for sure, using probability

Question 3

how to mix strategies

Answer 3

find expected utility (probability x outcome utility) when looking at p1 choices, multiply by p1s utility

Question 4

indifference principle

Answer 4

multiply probability and outcome for pure strategies (to find p1, use player 2s outcome and p1 probability) and equate it to the other strategy. then solve for p1. that value is when the players will be indifferent between a mixed and pure strategy