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Task 3: Reduce the pavoff matrix In the example of Television Rating Wars (appendix on game theory), the idea of minimax criterion is illustrated. Minimax Criterion A player using the minimax criterion chooses a strategy that, among all possible strate- gies, minimizes the effect of the other player's best counterstrategy. That is, an optimal (best) strategy according to the minimax criterion is one that minimizes the maximum damage the opponent can cause. The minimax criterion assumes the following: Fundamental Principle of Game Theory Each player tries to use its best possible strategy, and assumes that the other player is doing the same. Now revisit the payoff matrix in the example of Television Rating Wars: CTV Nature Doc. Symphony Ballet Opera Siteom -2 2. RTV Docudrama -- Reality Show -2 Movie 3 -1 a) From the column player CTV's perspective, compare the second and third columns and discuss what strategy would the column player use.

Task 3: Reduce the pavoff matrix In the example of Television Rating Wars (appendix on game theory), the idea of minimax criterion is illustrated. Minimax Criterion A player using the minimax criterion chooses a strategy that, among all possible strate- gies, minimizes the effect of the other player's best counterstrategy. That is, an optimal (best) strategy according to the minimax criterion is one that minimizes the maximum damage the opponent can cause. The minimax criterion assumes the following: Fundamental Principle of Game Theory Each player tries to use its best possible strategy, and assumes that the other player is doing the same. Now revisit the payoff matrix in the example of Television Rating Wars: CTV Nature Doc. Symphony Ballet Opera Siteom -2 2. RTV Docudrama -- Reality Show -2 Movie 3 -1 a) From the column player CTV's perspective, compare the second and third columns and discuss what strategy would the column player use.

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter7: Matrices And Determinants
Section7.2: Operations With Matrices
Problem 73E
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Task 3: Reduce the pavoff matrix In the example of Television Rating Wars (appendix on game theory), the idea of minimax criterion is illustrated. Minimax Criterion A player using the minimax criterion chooses a strategy that, among all possible strate- gies, minimizes the effect of the other player's best counterstrategy. That is, an optimal (best) strategy according to the minimax criterion is one that minimizes the maximum damage the opponent can cause. The minimax criterion assumes the following: Fundamental Principle of Game Theory Each player tries to use its best possible strategy, and assumes that the other player is doing the same. Now revisit the payoff matrix in the example of Television Rating Wars: CTV Nature Doc. Symphony Ballet Opera Sitcom -2 RTV Docudrama -- -1 Reality Show -2 Movie 3. -1 a) From the column player CTV's perspective, compare the second and third columns and discuss what strategy would the column player use. b) Discuss if it is possible to reduce the size of the payoff matrix through comparison of entries in different columns and rows in aiming to develop a better strategy through the eyes of both row and column players. If so please write out the simplified payoff matrix. Give reasons to your answers.
Transcribed Image Text:Task 3: Reduce the pavoff matrix In the example of Television Rating Wars (appendix on game theory), the idea of minimax criterion is illustrated. Minimax Criterion A player using the minimax criterion chooses a strategy that, among all possible strate- gies, minimizes the effect of the other player's best counterstrategy. That is, an optimal (best) strategy according to the minimax criterion is one that minimizes the maximum damage the opponent can cause. The minimax criterion assumes the following: Fundamental Principle of Game Theory Each player tries to use its best possible strategy, and assumes that the other player is doing the same. Now revisit the payoff matrix in the example of Television Rating Wars: CTV Nature Doc. Symphony Ballet Opera Sitcom -2 RTV Docudrama -- -1 Reality Show -2 Movie 3. -1 a) From the column player CTV's perspective, compare the second and third columns and discuss what strategy would the column player use. b) Discuss if it is possible to reduce the size of the payoff matrix through comparison of entries in different columns and rows in aiming to develop a better strategy through the eyes of both row and column players. If so please write out the simplified payoff matrix. Give reasons to your answers.
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