dominant strategy
one optimal choice of strategy for each player no matter what the other
player does. If there is a dominant strat. for each player in some game, then we would
predict that it would be the equilibrium outcome of the game.
Nash equilibrium
a pair of expectations about each person's choice such that, when the
other person's choice is revealed, neither individual wants to change his behavior. Each
person is making the optimal choice,
given
the other person's choice.
pure strategy
making one choice and sticking to it
mixed strategy
strategy consisting of possible moves and a probability distribution
(collection of weights) which corresponds to how frequently each move is to be played.
A player would only use a mixed strategy when she is indifferent between several pure
strategies, and when keeping the opponent guessing is desirable  that is, when the
opponent can benefit from knowing the next move.
Nash equilibrium in mixed strategies refers to an equilibrium in which each agent
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 Fall '06
 cramton
 Game Theory, Nash, Dominant strategy equilibrium

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