ABSTRACT

This chapter shows how mathematics can help us come to the right decisions. It illustrates how to form a personal utility scale and the mechanism for picking out utilities, and explains how to use utilities in decision making. The approach to use utilities is to attach utilities to all of the possible outcomes and then weight them by the chances of them occurring. The decision process of maximizing expected utility is to take the largest of all the expected utilities available. The chapter explores the approach to maximize what one gets, in a competitive environment, when each player has choices to make. It focuses on two-person games, games where there are two opponents, each trying to get the most for themselves. When playing a game to win, sometimes mirroring what the opponent does is exactly the right thing to do. Such an approach is called a Tweedledum and Tweedledee strategy.