Abstract:Gambits are central to human decision‐making. Our goal is to provide a theory of Gambits. A Gambit is a combination of psychological and technical factors designed to disrupt predictable play. Chess provides an environment to study gambits and behavioral game theory. Our theory is based on the Bellman optimality path for sequential decision‐making. This allows us to calculate the Q$$ Q $$‐values of a Gambit where material (usually a pawn) is sacrificed for dynamic play. On the empirical side, we study the effe… Show more
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