Solution of a Satisficing Model for Random Payoff Games

R. G. Cassidy, C. A. Field and M. J. L. Kirby
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R. G. Cassidy: Carnegie-Mellon University
C. A. Field: Dalhousie University
M. J. L. Kirby: Dalhousie University

Management Science, 1972, vol. 19, issue 3, 266-271

Abstract: In this paper, we consider a "satisficing" criterion to solve two-person zero-sum games with random payoffs. In particular, a player wants to maximize the payoff level he can achieve with a specified confidence. The problem reduces to solving a nonconvex mathematical programming problem. The main result shows that solving this problem is equivalent to finding the root of an equation whose values are determined by solving a linear problem. This linear problem results from maximizing the confidence with fixed payoff level.

Date: 1972
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:19:y:1972:i:3:p:266-271

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