mixed strategy equilibrium

Mark Walker and John Wooders
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

A mixed strategy is a probability distribution one uses to randomly choose among available actions in order to avoid being predictable. In a mixed strategy equilibrium each player in a game is using a mixed strategy, one that is best for him against the strategies the other players are using. In laboratory experiments the behaviour of inexperienced subjects has generally been inconsistent with the theory in important respects; data obtained from contests in professional sports conforms much more closely with the theory.
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How to cite this article

Walker, Mark and John Wooders. "mixed strategy equilibrium." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 23 July 2017 <http://www.dictionaryofeconomics.com/article?id=pde2008_M000405> doi:10.1057/9780230226203.1107

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