4. Game theory terminology Select the term that best describes each definition l

Question

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 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 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

Explanation / Answer

The Dominant Strategy defines a player's best choice, if it exists, regardless of his or her opponent's strategy. Nash equilibrium shows 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. Prisoners' Dilemma Game theory is a case in which individually rational behavior leads to a jointly inefficient outcome Payoff Matrix is a visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs

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