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

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  • Hart, Sergiu
  • Modica, Salvatore
  • Schmeidler, David

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.

Suggested Citation

  • Hart, Sergiu & Modica, Salvatore & Schmeidler, David, 1994. "A Neo[superscript]2 Bayesian Foundation of the Maxmin Value for Two-Person Zero-Sum Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 23(4), pages 347-358.
    • Handle: RePEc:spr:jogath:v:23:y:1994:i:4:p:347-58
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