Kinds of Strategies
There are two types of strategies in the game. They are:
§ Pure Strategy which is a comprehensive list of the methods that will be adopted by the players. It defines every move, weighs the pros and cons of every option before the player picks up those moves. A player’s strategy space represents the complete set of moves that a player has at his/her disposal.
§ Mixed Strategy which is a strategy that provides a probability against every pure move. It describes a possible strategy over every pure strategy. Each pure strategy can be assigned a probability. This strategy defines that a player rather than selecting a particular pure strategy will select a strategy randomly from the mix and match provided by the mixed strategy. The probabilities of 1 and zero are normally used within the strategy.
Most Widely Used Strategies
Tit For Tat is one of the most widely used strategies. It is highly effective and competes with numerous algorithms for the highest payoffs. The most popular tactic is the Doubling strategy. This tactic is closely applied by the casino games to double one’s profit. Another famous tactic happens to be Hedging. This is a strategy applied for fiscal investments.