Game Theory of Rocks, Papers, Scissors
https://www.quantamagazine.org/the-game-theory-math-behind-rock-paper-scissors-20180402/
This article models the Rocks, Papers, Scissors game as a Game Theory model by first modeling it as a pure strategy and by having winning as 1 point, tying as 0 and losing as -1. Honner, the writer, realized that as pure strategy, such as picking paper every single time, no nash equilibrium will be achieved because there will always be a counterstrategy so the strategy always changes. However, if we view it as a mixed strategy, which allows you to pick Rock half the time and Scissors another half, for example, it has been proven that there will always be at least one Nash Equilibrium.
The article shows how different mixed strategy can be used, but after computing the average number of points that the Players will receive, it is usually 0, When the strategy is (1/3,1/3,1/3), or one third of the time for Rocks, Papers and Scissors, against (1,0,0) or Rocks all the time, the average score is 0. Also when the strategy is (1/3,1/3,1/3) against (1/2,1/4,1/4), the result is also 0. But if we switch strategy during the game by seeing how the other person will show Rock half the time, and switch our strategy to (1/4,1/2,1/4), or showing Paper half the time, then the average sore is 1/16 which means a net positive for Player A.
This shows that one player can take advantage of the other only if one person changes their strategy, they will not be advantageous, but if both players change their strategy, then they could take advantage of each other constantly, which means that the Nash Equilibrium has been reached, according to the article.
I feel like the article is very interesting as it uses the concept we learnt in class in a real life model and it helps me understand the concept more and also how it can be used. I now know that Game Theory can be used in so many real life models and can have a positive impact in many ways.