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Adversarial risk analysis: Borel games

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  • David Banks
  • Francesca Petralia
  • Shouqiang Wang

Abstract

Adversarial risk analysis (ARA) offers a new solution concept in game theory. This paper explores its application to a range of simple gambling games, enabling comparison with minimax solutions for similar problems. We find that ARA has several attractive advantages: it is easier to compute, it takes account of asymmetric information, it corresponds better to human behavior, and it reduces to previous solutions in appropriate circumstances. Copyright © 2011 John Wiley & Sons, Ltd.

Suggested Citation

  • David Banks & Francesca Petralia & Shouqiang Wang, 2011. "Adversarial risk analysis: Borel games," Applied Stochastic Models in Business and Industry, John Wiley & Sons, vol. 27(2), pages 72-86, March.
    • Handle: RePEc:wly:apsmbi:v:27:y:2011:i:2:p:72-86
    DOI: 10.1002/asmb.890
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    Cited by:

    1. Juan Carlos Sevillano & David Rios Insua & Jesus Rios, 2012. "Adversarial Risk Analysis: The Somali Pirates Case," Decision Analysis, INFORMS, vol. 9(2), pages 86-95, June.
    2. William N. Caballero & Ethan Gharst & David Banks & Jeffery D. Weir, 2023. "Multipolar Security Cooperation Planning: A Multiobjective, Adversarial-Risk-Analysis Approach," Decision Analysis, INFORMS, vol. 20(1), pages 16-39, March.
    3. William M. Kroshl & Shahram Sarkani & Thomas A Mazzuchi, 2015. "Efficient Allocation of Resources for Defense of Spatially Distributed Networks Using Agent‐Based Simulation," Risk Analysis, John Wiley & Sons, vol. 35(9), pages 1690-1705, September.
    4. Casey Rothschild & Laura McLay & Seth Guikema, 2012. "Adversarial Risk Analysis with Incomplete Information: A Level‐k Approach," Risk Analysis, John Wiley & Sons, vol. 32(7), pages 1219-1231, July.
    5. Michael Perry & Hadi El-Amine, 2019. "Computational Efficiency in Multivariate Adversarial Risk Analysis Models," Decision Analysis, INFORMS, vol. 16(4), pages 314-332, December.
    6. César Gil & David Rios Insua & Jesus Rios, 2016. "Adversarial Risk Analysis for Urban Security Resource Allocation," Risk Analysis, John Wiley & Sons, vol. 36(4), pages 727-741, April.
    7. David Rios Insua & David Banks & Jesus Rios, 2016. "Modeling Opponents in Adversarial Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 36(4), pages 742-755, April.

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