BIOC 212 Chapter Notes - Chapter 12: Strategic Dominance, Solution Concept, Nash Equilibrium
17 Aug 2018
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For example, in a single game of rock-paper-scissors, each player has a three- strategy set [rock, paper, scissors: in this chapter, we also extend our analysis of strategic decision making in oligopoly market in. 2 strategies (or actions) available to each player. Payoff received by each player for each combination of strategies that could be chosen by the players. Note that: for the payoffs in each cell, the left number is the payoff for the row player (i. e. , firm 1) and the right number is the payoff of column player (i. e. , firm 2). Dominant strategy: a rational player always uses a dominant strategy, a dominant strategy: There is one optimal choice of strategy for each player no matter what the other player does. I"m doing the best i can no matter what you are doing: if there is a dominant strategy for each player in the game, then we would predict that we have an equilibrium in dominant strategies.
