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Game theory is a study of situations of strategic interaction between two or more players in which there is a predefined set of rules and an outcome associated with each choice taken.
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Trade-off between determenistic and random alternatives in a one-shot game
I wonder how to analyze the following problem.
Suppose we play a one-shot game. We have two options. We can either get $x$ dollars or win $y$ dollars with probability 50% (or, probably, win nothing w …