Attempts:eep the Highest: 11 cint 8. Game theory terminology Select the term tha

Question

Attempts:eep the Highest: 11 cint 8. Game theory terminology Select the term that best describes each definition listed in the following table. lueto Zero- NashDominant Maximin Credible Payoff Sum Equilibrium Strategy Criterion Threat Matrix Game Definition A threat that does not harm the threatener if it is carried out A visual representation of how much each of two players can expect to earn, depending on the strategic choices each of them makes t Br The strategy where players select the strategy that yields the maximum payoff on the assumption that the opponent will do as much damage as it can lac Vi The result that occurs when each player adopts the strategy that gives the highest possible payoff if the rival sticks to the strategy it has chosen Grade It Now Save & Continue Continue without Timeout 59:42 ozuma

Explanation / Answer

Credible threat- A threat that does not harm threatener, this threat is to change the decision of opponent. It will decrease the pay off of opponent but the payoff of threatener either will be unchanged or increased. So 1st one is credible threat

Payoff matrix shows the visual representations of the payoff of players from the different strategy. Therefore the second one is payoff matrix.

The dominant strategy is when the player chooses same strategy irrespective of the decision of the opponent strategy. Because this strategy gives him/her higher payoff than that of another strategy when the opponent chooses either of the strategies. So the third one is the dominant strategy.

Nash equilibrium gives highest possible payoff if they do not change their decision. If any of the players deviate from the Nash equilibrium, losses significantly. So the fourth one is Nash equilibrium.

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