Question 15.63
31. In Exercise 26, players maximize their possible gains by choosing their first strategies, but they minimize their possible losses by choosing their second strategies. Which strategy would you choose, and why?
31.
Your choice will depend on whether you put more value on obtaining a payoff of 4 while avoiding a payoff of 1 by choosing your first strategy, or “playing it safe” by never doing worse than a payoff of 2, and sometimes obtaining a payoff of 3, by choosing your second strategy.