JJ10DMAN comments on Swords and Armor: A Game Theory Thought Experiment - Less Wrong
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This has more to do with human psychology than strict mathematical game theory:
As an obsessive gamer and game designer: when fighting a random opponent, unless there is a ladder system and you end up in the top 2% or so of the population, the optimal strategy is to counter whatever is the optimal strategy vs. a null, average, or un-equipped person. That is to say, the vast majority of players who do not make a nearly-random selection will calculate the ideal strategy against a percieved "average" or "typical" set of values for damage/speed/armor/dodge, and then stop exactly there. So to win, you need to go exactly one step beyond that and then stop exactly there.