The Mathematics of Game Theory
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Game Theory Foundations – Mathematical game theory examines strategic interaction under uncertainty, often through simple models like Rock Paper Scissors and Poker. These examples show how probability, mixed strategies, and opponent expectations shape decisions. Even seemingly random games contain structured logic when analysed mathematically. Expected Value (EV) – Expected Value represents the average outcome of a decision over the long run, rather than the result of a single event. It allows decision-makers to compare strategies based on probabilistic payoffs instead of short-term wins or losses. In strategic contexts, maximising expected value often leads to more rational and consistent outcomes. Variance and Utility – Variance measures the spread of possible outcomes, meaning two strategies with the same expected value can carry very different levels of risk. Utility adjusts outcomes based on preferences, constraints, and tolerance for uncertainty rather than pure numerical ret
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