Adversarial risk analysis: Borel games

David Banks, Francesca Petralia and Shouqiang Wang

Applied Stochastic Models in Business and Industry, 2011, vol. 27, issue 2, 72-86

Abstract: 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.

Date: 2011
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https://doi.org/10.1002/asmb.890

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Persistent link: https://EconPapers.repec.org/RePEc:wly:apsmbi:v:27:y:2011:i:2:p:72-86

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