Game Theory and Strategic Behaviour Flashcards Preview

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Flashcards in Game Theory and Strategic Behaviour Deck (3)
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1
Q

elements of game theory models

A

rules

strategies

payoffs

2
Q

prisoners dilemma

A

leads to an outcome which is called a dominant strategy equilibrium

nash equilibrium
- a set of strategies, one for each player, where each player’s strategy is
their best choice given the other player’s strategy

3
Q

Sequential games

A

many real-life situations involve strategies where one firm will act first, and
the other will follow