A Neo[superscript]2 Bayesian Foundation of the Maxmin Value for Two-Person Zero-Sum Games

Sergiu Hart, Salvatore Modica () and David Schmeidler

International Journal of Game Theory, 1994, vol. 23, issue 4, 347-58

Abstract: A joint derivation of utility and value for two-person zero-sum games is obtained using a decision theoretic approach. Acts map states to consequences. The latter are lotteries over prizes, and the set of states is a product of two finite sets (m rows and n columns). Preferences over acts are complete, transitive, continuous, monotonic and certainty-independent (Gilboa and Schmeidler (1989)), and satisfy a new axiom which we introduce. These axioms are shown to characterize preferences such that (i) the induced preferences on consequences are represented by a von Neumann-Morgenstern utility function, and (ii) each act is ranked according to the maxmin value of the corresponding m x n utility matrix (viewed as a two-person zero-sum game). An alternative statement of the result details simultaneously with all finite two-person zero-sum games in the framework of conditional acts and preferences.

Date: 1994
References: Add references at CitEc
Citations: View citations in EconPapers (4)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:jogath:v:23:y:1994:i:4:p:347-58

Ordering information: This journal article can be ordered from
http://www.springer. ... eory/journal/182/PS2

Access Statistics for this article

International Journal of Game Theory is currently edited by Shmuel Zamir, Vijay Krishna and Bernhard von Stengel

More articles in International Journal of Game Theory from Springer, Game Theory Society
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().