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.

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Description: Please answer part b. Please don't reject the question!!! Task 3: Reduce the pavoff matrixIn the example of Television Rating Wars (appendix on game theory), the idea of minimax criterionis illustrated.Minimax CriterionA player using the minimax crit

Advanced Engineering Mathematics

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ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

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Question

Please answer part b. Please don't reject the question!!!

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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