Game Theory - Game Theory 1 Some key terms in plain English...

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Unformatted text preview: Game Theory 1 Some key terms in plain English Dominant Strategy: Yields a higher payoff than all other strategies, for every strategy the other player might choose. Note that a dominant strategy might not exist. MaxMin Strategy: For any strategy consider the opponents strategy, which makes you worst off. Given this, choose the strategy that yields the highest payoff. Nash Equilibrium: A pair of strategies for the two players such that both behave optimally given what the other player does, i.e. no one has an incentive to deviate. Note that there might be other player does, i....
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This note was uploaded on 11/27/2011 for the course ECONOMICS 101 taught by Professor Kelly during the Fall '10 term at Wisconsin.

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Game Theory - Game Theory 1 Some key terms in plain English...

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