Which of the following is a correct statement about a Nash equilibrium in a two-

Question

Which of the following is a correct statement about a Nash equilibrium in a two-player game?

- The joint payoffs of the two players are highest compared to other strategy pairs. - A Nash equilibrium is always unique in real-world problems.

- Given another player's strategy, no player can improve her welfare by unilaterally changing her strategy.

- All of the statements associated with this question are correct.

dominant strategy is a strategy that:

- results in the highest payoff to a player regardless of the opponent's action. - guarantees the highest payoff given the worst possible scenario. - describes a set of circumstances in which no player can improve her payoff by unilaterally changing her own strategy, given the other players' strategies. - randomizes over two or more available actions in order to keep rivals from being able to predict a player's action.

Explanation / Answer

Answer ) Q1. - Given another player's strategy, no player can improve her welfare by unilaterally changing her strategy.

Q2.) - results in the highest payoff to a player regardless of the opponent's action.

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