The expected value of a game tells us the average payoff to the row player when both players adopt a particular set of mixed strategies and play many times.
A positive expected value means the game favors the row player.
A negative expected value means the game favors the column player.
A zero expected value means the game is fair.
We use Formula L, which says that E = PAQ.
E is the expected value.
P is a row matrix that represents the row player's mixed strategy.
A is the payoff matrix for the game.
Q is a column matrix that represents the column player's mixed strategy.
We use Formulas I, J, and K when ...
We need to find the optimal strategy for each player and/or the value of the game.
The payoff matrix is not strictly determined.
The payoff matrix is 2 x 2.