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Standard conventions in game theory
Consider the given table:
Y
3
-4
X
-2
1
3, -4, -2, 1 are the identified pay offs to X(X takes precedence over Y)
here the game has been represented in the form of a matrix. When the games are expressed in this fashion the resulting matrix is commonly known as PAYOFF MATRIX
Q. Definition of Random Variables? Ans. Up to this point, we have been looking at probabilities of different events. Basically, random variables assign numbers to element
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