Humans vs Bots, rock paper scissors edition

Lessons in mixed strategy equilibria from a childhood game

Last week, Nate and I devoted a chunk of our weekly podcast to a discussion of an old childhood game: rock, paper, scissors, or RPS. RPS is a mixed-strategy equilibrium game, likely dating back to the Han Dynasty in 200 BC, where it was played to illustrate the principle of flow. A mixed-strategy equilibrium is an inherently unstable one: no one approac…