TY - JOUR
T1 - Equilibrium play in matches
T2 - Binary Markov games
AU - Walker, Mark
AU - Wooders, John
AU - Amir, Rabah
N1 - Funding Information:
✩ This research was partially supported by NSF grant #SBR-0099353. We are grateful to three referees and an advisory editor for detailed and insightful comments. * Corresponding author. E-mail addresses: [email protected] (M. Walker), [email protected] (J. Wooders), [email protected] (R. Amir). 1 But only in cash games, not in tournaments.
PY - 2011/3
Y1 - 2011/3
N2 - We study two-person extensive form games, or "matches," in which the only possible outcomes (if the game terminates) are that one player or the other is declared the winner. The winner of the match is determined by the winning of points, in "point games." We call these matches binary Markov games. We show that if a simple monotonicity condition is satisfied, then (a) it is a Nash equilibrium of the match for the players, at each point, to play a Nash equilibrium of the point game; (b) it is a minimax behavior strategy in the match for a player to play minimax in each point game; and (c) when the point games all have unique Nash equilibria, the only Nash equilibrium of the binary Markov game consists of minimax play at each point. An application to tennis is provided.
AB - We study two-person extensive form games, or "matches," in which the only possible outcomes (if the game terminates) are that one player or the other is declared the winner. The winner of the match is determined by the winning of points, in "point games." We call these matches binary Markov games. We show that if a simple monotonicity condition is satisfied, then (a) it is a Nash equilibrium of the match for the players, at each point, to play a Nash equilibrium of the point game; (b) it is a minimax behavior strategy in the match for a player to play minimax in each point game; and (c) when the point games all have unique Nash equilibria, the only Nash equilibrium of the binary Markov game consists of minimax play at each point. An application to tennis is provided.
KW - Game theory and sports
KW - Minimax
KW - Stochastic games
KW - Strictly competitive games
KW - Tennis
UR - http://www.scopus.com/inward/record.url?scp=79951953056&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=79951953056&partnerID=8YFLogxK
U2 - 10.1016/j.geb.2010.04.011
DO - 10.1016/j.geb.2010.04.011
M3 - Article
AN - SCOPUS:79951953056
SN - 0899-8256
VL - 71
SP - 487
EP - 502
JO - Games and Economic Behavior
JF - Games and Economic Behavior
IS - 2
ER -