standard conventions in game theoryconsider the

Question

Standard conventions in game theory

Consider the given table:

Y
	3	-4
X	-2	1

• X plays row I, Y plays columns I, X wins 3 points
• X plays row I, Y plays columns II, X looses 4 points
• X plays row II, Y plays columns I, X looses 2 points
• X plays row II, Y plays columns II, X wins 1 points

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