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4. Game theory terminology
Select the term that best describes each definition listed in the following table.
Definition
Nash Equilibrium
Dominant Strategy
Collusion
Tit-for-tat Strategy
Payoff Matrix
Prisoners' Dilemma
A player's best choice, if it exists, regardless of his or her opponent's strategy
A set of strategies (one for each player) in which each player's strategy is the best option for that player, given the chosen strategy of the player's opponents
A case in which individually rational behavior leads to a jointly inefficient outcome
A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs
4. Game theory terminology
Select the term that best describes each definition listed in the following table.
Definition |
Nash Equilibrium |
Dominant Strategy |
Collusion |
Tit-for-tat Strategy |
Payoff Matrix |
Prisoners' Dilemma |
|
---|---|---|---|---|---|---|---|
A player's best choice, if it exists, regardless of his or her opponent's strategy | |||||||
A set of strategies (one for each player) in which each player's strategy is the best option for that player, given the chosen strategy of the player's opponents | |||||||
A case in which individually rational behavior leads to a jointly inefficient outcome | |||||||
A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs |
Verified Answer
Joshua StredderLv10
28 Sep 2019
Jeffrey
JD Candidate at Stanford Law School18 Jun 2020
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