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- tat Prisoners Dilemma Payoff Nash Dominant Equilibrium StrategyCollusion Strategy Matrix/Table Game Definition A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs 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 behaviour leads to a jointly inefficient outcome

Explanation / Answer

1. This is the Payoff Matrix Table.

2. This is a dominant strategy.

3. This is a Nash equilibrium.

4. This is a prisoners dilemma.

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