Strategy (game Theory)
A player's strategy, in game theory, refers to one of the options he can choose in a setting where the outcome depends not only on his own actions but on the action of others. A player's strategy will determine the action the player will take at any stage of the game.
The strategy concept is sometimes (wrongly) confused with that of a move. A move is an action taken by a player at some point during the play of a game (e.g., in chess, moving white's Bishop a2 to b3). A strategy on the other hand is a complete algorithm for playing the game, telling a player what to do for every possible situation throughout the game.
A strategy profile (sometimes called a strategy combination) is a set of strategies for each player which fully specifies all actions in a game. A strategy profile must include one and only one strategy for every player.
Read more about Strategy (game Theory): Strategy Set, Pure and Mixed Strategies
Famous quotes containing the word strategy:
“... the generation of the 20’s was truly secular in that it still knew its theology and its varieties of religious experience. We are post-secular, inventing new faiths, without any sense of organizing truths. The truths we accept are so multiple that honesty becomes little more than a strategy by which you manage your tendencies toward duplicity.”
—Ann Douglas (b. 1942)