Everyone will choose the armor which minimizes the maximum damage you can take from an opponent, and choose the weapon which maximizes the minimum damage you can inflict on an opponent. Green/green.
I'm assuming the equation is (speed x (1-dodge)) x (damage-dmg_reduction) expected HP loss per minute.
Pardon me if I am incorrect, but it seems to me that there is a basic assumption going on that everyone, given those clear choices, will think rationally and crunch the numbers themselves in order to find the optimal choice, given a scenario I'd either equal representation or strictly against the "best" choices. I can understand the reasoning behind this, especially given the high percentage Iof people on this particular thread who are willing to do the math, but is it not also a safe assumption that neither of these scenarios will be the case, ...
Note: this image does not belong to me; I found it on 4chan. It presents an interesting exercise, though, so I'm posting it here for the enjoyment of the Less Wrong community.
For the sake of this thought experiment, assume that all characters have the same amount of HP, which is sufficiently large that random effects can be treated as being equal to their expected values. There are no NPC monsters, critical hits, or other mechanics; gameplay consists of two PCs getting into a duel, and fighting until one or the other loses. The winner is fully healed afterwards.
Which sword and armor combination do you choose, and why?