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AllegedWisdom comments on Swords and Armor: A Game Theory Thought Experiment - Less Wrong
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Gambit said the only equilibrium was mixed, with 1/5 each of (blue sword, blue armor), (blue sword, green armor), (yellow sword, yellow armor), (green sword, yellow armor), and (green sword, green armor).
With a stylin' bonus of ε points per duel (if a win is 1 point and a loss is −1 points), Gambit says for ε≤1/4 the equilibrium is:
(blue sword, blue armor): 1/5−(4/5)ε
(blue sword, green armor): 1/5−(3/5)ε
(yellow sword, yellow armor): 1/5+(4/5)ε
(green sword, yellow armor): 1/5+(3/5)ε
(green sword, green armor): 1/5
EDIT: The deleted comment this responds to claimed that you should never use the blue armor, because against any weapon, either the green or the yellow armor is better.
It can make sense to choose the armor that is not optimal in any case if it is good enough in more cases. There are no bonus points for winning by a larger margin.