3. The Real Life Chessboard - Sequential Games Flashcards

1
Q

What are sequential games?

A

Games that unfold over time

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2
Q

What are simultaneous games?

A

Everyone acts without knowing what the other players are doing

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3
Q

What is a game tree?

A

A diagram of a sequential game, where each node is controlled by one player, and nature can be a player as well, representing chance

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4
Q

What is a dominant strategy?

A

The best one player can do regardless of other strategies

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5
Q

What is rollback?

A

To look forward, you must reason backwards: game trees are analyzed from the payoffs back to the root

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6
Q

Do first movers have an advantage?

A

Not always. Order matters, but how it matters depends on the game

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7
Q

What is a cooperative game?

A

Binding agreements between players are possible

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8
Q

What are the requirements for a game tree?

A

A finite, deterministic, non-cooperative, sequential game with perfect information

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9
Q

What is perfect information

A

Everyone knows the whole history of the game when they move

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10
Q

What is a rollback equilibrium?

A

A steady decision point, always the right way to play the game

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11
Q

What is a Nash equilibrium?

A

No player gains from unilaterally changing their strategy

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12
Q

What is the relationship between rollback and Nash equilibria?

A

All rollback equilibria are Nash equilibria but not all Nash equilibria are rollback equilibria

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13
Q

What is subgame perfection?

A

If a game is restricted to a subgame, that game has a Nash equilibrium as well

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