| Abstract | We consider four possible strategies for response to risk/reward situations in which there is the choice of immediate action on the appearance of a risk or reward, or of pausing briefly to assess the situation to determine if the appearance and the actuality coincide. Equations are derived and solved for the time evolution of populations practicing each strategy. The strategies are compared and conditions under which each is preferred are determined. We find that specific conditions must be satisfied if any mixed strategy is to survive. |
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