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I am trying to learn more about Game Theory - here is a game I invented:

  • There are two Players: Player 1 and Player 2
  • There are two Coins: Coin 1 and Coin 2
  • Coin 1 lands on "Heads" with a probability of 0.5 and "Tails" with a probability of 0.5
  • Coin 2 lands on "Heads" with a probability of 0.7 and "Tails" with a probability of 0.3
  • If Coin 1 is "Heads", a score of -1 is obtained; if Coin 1 is "Tails", a score of +1 is obtained
  • If Coin 2 is "Heads", a score of -3 is obtained; if Coin 2 is "Tails", a score of +4 is obtained

In this game, Player 1 always starts first - Player 1 chooses either Coin 1 or Coin 2, flips the coin that they select and gets a "score". Then, Player 2 chooses either Coin 1 or Coin 2, flips the coin that they select and get a "score". The Player with the higher score wins, the Player with the lower score loses (a "tie" is also possible).

The way I have set it up, Player 2 is always at an advantage - if he sees that Player 1 took a chance on the "high risk" coin (i.e. Coin 2): if Player 1 got lucky (Coin1 = Tails), Player 2 can only win by also choosing Coin 2 ; however, if Player 1 got unlucky Coin2 = Heads), Player 2 can win by choosing the low risk coin.

Is there a specific name for this "type" of game? The closest thing I could find was "Full Information Games".

Is this correct?

Thanks!

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  • $\begingroup$ Hi! 1. Game theory is not specifically about games in a traditional sense. Most "named" games are analogies for some socioeconomic phenomenon. If you make up a game with nontrivial rules it is likely it will not have a name in game theory. $\endgroup$
    – Giskard
    Mar 7, 2022 at 7:44
  • $\begingroup$ 2. What do you mean by "type"? This is not clear, and putting in quotes does not help. The game you describe is a game with complete information. It is also a sequential game, a two player game, an antagonistic game, etc. There are a lot of categories. $\endgroup$
    – Giskard
    Mar 7, 2022 at 7:46

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