Game Theory & Decision

Intermediate

Regret

Difference between the best possible payoff and the one you got.

Formula

R = u^* - u

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Variables

RRegret

u*Best possible payoff

uActual payoff

Example

Minimax-regret decision rules minimise the worst possible regret.

Did You Know?

Regret minimisation drives some of the strongest poker-playing AIs ever built.

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More in Game Theory & Decision

Expected Value

Probability-weighted average outcome of a decision.

Kelly Criterion

Optimal fraction of bankroll to bet for long-run growth.

Expected Utility

Weighted average of the utility of outcomes, not just their cash value.

Payoff Comparison

One strategy dominates another if its payoff is always higher.

Minimax Value

Best worst-case payoff a player can guarantee.

Mixed Strategy (Indifference)

Probability that makes an opponent indifferent between their options.