Due Today at 11 PM CST s Back to Assignment Attempts: Keep the Highest:/ 4. Game

Question

Due Today at 11 PM CST s Back to Assignment Attempts: Keep the Highest:/ 4. Game theory terminology Select the term that best describes each definition listed in the following table. Tit-for- tat Prisoners Nash Dominant Equilibrium Strate Payoff Dilemma Definition collusion St Game 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 player's best choice, if it exists, regardiess of his or her opponent's strategy The event that occurs when agents in a game form an agreement about which strategies to implement A case in which individually rational behavior leads to a jointly inefficient outcome Grade It Now Save & Continue Contnue without saving

Explanation / Answer

Statement 1 - Nash equillibrium (by definition)

Statement 2 - Dominant strategy (Best choice regardless of his/her opponent's strategy)

Statement 3 - Collusion (Agents in a game form an agreement about which strategies to implement)

Statement 4 - Prisoners' dilemma game (rational behaviour leads to a jointly inefficient outcome)

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