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Adversarial risk analysis: Borel games
Author(s) -
Banks David,
Petralia Francesca,
Wang Shouqiang
Publication year - 2011
Publication title -
applied stochastic models in business and industry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.413
H-Index - 40
eISSN - 1526-4025
pISSN - 1524-1904
DOI - 10.1002/asmb.890
Subject(s) - minimax , adversarial system , simple (philosophy) , range (aeronautics) , computer science , mathematical economics , game theory , artificial intelligence , economics , epistemology , philosophy , materials science , composite material
Adversarial risk analysis (ARA) offers a new solution concept in game theory. This paper explores its application to a range of simple gambling games, enabling comparison with minimax solutions for similar problems. We find that ARA has several attractive advantages: it is easier to compute, it takes account of asymmetric information, it corresponds better to human behavior, and it reduces to previous solutions in appropriate circumstances. Copyright © 2011 John Wiley & Sons, Ltd.