Game theory terminology Select the term that best describes each definition list

Question

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 Game

Definition

Nash Equilibrium

Dominant Strategy

Collusion

Tit-for-tat Strategy

Payoff Matrix

Prisoners' Dilemma Game

A player's best choice, if it exists, regardless of his or her opponent's strategy A case in which individually rational behavior leads to a jointly inefficient outcome A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs

Explanation / Answer

Definition Nash Equilibrium Dominant Strategy Collusion Tit-for-tat Strategy Payoff Matrix Prisoners' Dilemma Game A player's best choice, if it exists, regardless of his or her opponent's strategy Dominant Strategy A case in which individually rational behavior leads to a jointly inefficient outcome Prisoners' Dilemma Game A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again Tit-for-tat Strategy A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs Payoff Matrix

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