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Unbeatable strategy

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In game theory, an unbeatable strategy is defined by W.D. Hamilton in his 1967 paper on sex ratios in Science. In this paper Hamilton discusses sex ratios as strategies in a game, and cites Verner as using this language in his 1965 paper which "claims to show that, given factors causing fluctuations of the population's primary sex ratio, a 1:1 sex-ratio production proves the best overall genotypic strategy".

"In the way in which the success of a chosen sex ratio depends on choices made by the co-parasitizing females, this problem resembles certain problems discussed in the "theory of games." In the foregoing analysis a gamelike element, of a kind, was present and made necessary the use of the word unbeatable to describe the ratio finally established. This word was applied in just the same sense in which it could be applied to the "minimax" strategy of a zero-sum two-person game. Such a strategy should not, without qualification, becalled optimum because it is not optimum against -although unbeaten by- any strategy differing from itself. This is exactly the case with the "unbeatable" sex ratios referred to." Hamilton (1967).
"[...] But if, on the contrary, players of such a game were motivated to outscore, they would find that <math>1/4,</math> is beaten by a higher ratio, <math>x^*</math>; the value of <math>x</math> which gives its player the greatest possible advantage over the player playing <math>x_0</math>, is found to be given by the relationship <math>x^*=(2x_0)^{1/2} -x_0</math> and shows <math>1/2</math> to be the unbeatable play." Hamilton (1967).

The concept can be traced through R.A. Fisher (1930) to Darwin (1859); see Edwards (1998). George R. Price generalised the verbal argument, which was then formalised by mathematically by John Maynard Smith, into the evolutionarily stable strategy (ESS). An unbeatable strategy is always an ESS, though an ESS is not necessarily unbeatable, as it may be beaten by large migrations into the population.

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Topics in game theory

Definitions

Normal form game · Extensive form game · Cooperative game · Information set · Preference

Equilibrium concepts

Nash equilibrium · Subgame perfection · Bayes-Nash · Trembling hand · Correlated equilibrium · Sequential equilibrium · Quasi-perfect equilibrium · Evolutionarily stable strategy

Strategies

Dominant strategies · Mixed strategy · Grim trigger · Tit for Tat

Classes of games

Symmetric game · Perfect information · Dynamic game · Repeated game · Signaling game · Cheap talk · Zero-sum game · Mechanism design

Games

Prisoner's dilemma · Coordination game · Chicken · Battle of the sexes · Stag hunt · Matching pennies · Ultimatum game · Minority game · Rock, Paper, Scissors · Pirate game · Dictator game

Theorems

Minimax theorem · Purification theorems · Folk theorem · Revelation principle · Arrow's Theorem

Related topics

Mathematics · Economics · Behavioral economics · Evolutionary game theory · Population genetics · Behavioral ecology · Adaptive dynamics · List of game theorists

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