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.
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?