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

Explanation / Answer

1) A player's best choice, if exists, regardless of his or her opponent's strategy...Dominant strategy

2) 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

3) 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 opponent...Nash Equilibrium

4) A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs..payoff matrix

Explanation:

A dominant strategy refers to a strategy that is best for a player in spite of the strategies chosen by the other players

A player follows a Tit-for-tat Strategy if the player cooperates until the opponent player defects and when defects until the opponent player cooperates again

A Nash equilibrium refers to the set of strategies (one for each player) wherein each player's strategy is categorised as the best option for that player, provided the selected strategy of the player's opponent

A payoff matrix can be defined a visual diagram which is used in describing the all the elements of a game

Related Questions

Navigate

• Browse (All)
• Browse 4
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.