A Random Walk—Dealing with Chance Events
Lecture no. 7 from the course: Games People Play: Game Theory in Life, Business, and Beyond
Taught by Professor Scott P. Stevens | 30 min | Categories: The Great Courses Plus Online Economics & Finance Courses
Many games include aspects that depend on random chance. Probability theory addresses such uncertainties. Using a simultaneous, two-player game, Professor Stevens shows you how to use probability to define the expected (or average) value of a payoff in an uncertain situation.