Game Theory Basics Quiz

A situation where no player can improve their payoff by unilaterally changing their strategy, assuming other players remain unchanged.

Nash equilibrium where players' strategies depend on their private information or beliefs.

A method for solving sequential games by working backwards from the end of the game to determine the optimal strategy.

A refinement of Nash equilibrium that requires strategies to be the best response at every sub-game.

A solution concept for games with incomplete information that combines the idea of perfect Bayesian equilibrium and the concept of sequential rationality.

A decision that can be made without considering the actions of others.

A game where the strategies available to each player and the payoffs for each combination of strategies are specified.

The common elements involving players, strategies, and payoffs depending on a player's strategy and those of others.

A strategy that yields the best payoff for a player regardless of the strategy chosen by other players.

Players who aim to maximize their own payoffs in a game.

The combinations of strategies chosen by all players in a game.

Determining the outcome of a game when played by rational players.

A table showing the payoffs for all combinations of strategies chosen by players in a game.

All possible choices available to a player in a game.

A vector showing the payoffs for each player in a game given a combination of strategies chosen by all players.

A strategy for a player that always yields a higher payoff than any other strategy, regardless of the opponent's strategy.

A strategy that is always worse than another strategy, regardless of the opponent's strategy.

A process to find the best possible outcome in a game by repeatedly removing strategies that are strictly dominated by other strategies.

The result or outcome for each strategy in a game.

Removal of suboptimal choices from the strategy set.

The strategy that provides the highest payout for a player.

Strategies that are strictly dominated in the previous round are removed. The surviving strategies become part of the new strategy set for the N-th round.

A strategy for a player that survives multiple rounds of eliminating strictly dominated strategies.

A strategy for a player is strictly dominated by another strategy if the other strategy always yields a higher payoff, regardless of what the other players do.

A strategy for a player is weakly dominated if another strategy always yields a payoff that is at least as good, and sometimes better.

A strategy for a player that survives multiple rounds of eliminating weakly dominated strategies.

Domination is the relationship between strategies, while Elimination is the process of removing strategies.

Iterative elimination refers to multiple rounds of removing dominated strategies, where the new set of strategies becomes the basis for further elimination.

Dominated strategies can be removed because a player can always do better by switching to the dominating strategy.

After eliminating dominated strategies, sometimes a single strategy combination for all players remains as the most rational choice.

A combination of strategies chosen by all players in a game.

When each player's strategy maximizes their payoff given the other players' fixed strategies, and no player can improve by changing their own.

A player's strategy that involves choosing different actions with certain probabilities.

A situation where each player's randomized strategy maximizes their expected payoff, given the other players' randomized strategies.

The average payoff a player expects to receive by using a mixed strategy, considering the probabilities of different outcomes.

Changing your strategy without coordinating with other players.

A specific action that a player can choose in a game. Think of it as a definite plan of action.

A combination of mixed strategies chosen by all players in a game.

The average payoff a player expects to receive when using a mixed strategy.

A method to verify if a joint strategy is a Nash Equilibrium by analyzing individual player's payoffs for each pure strategy given positive or zero weight by their mixed strategy.

Every finite strategic form game possesses at least one Nash Equilibrium.

When all players know each other's payoffs for every possible combination of strategies.

A game where some players have uncertainty about other players' payoff functions.

It specifies each player's strategy options and their payoffs associated with all possible combinations of strategies chosen by all players.

A classic example of a game where two individuals acting in their own self-interest result in a worse outcome for both compared to if they cooperated.

A function that determines a player's payoff based on the combination of strategies chosen by all players.

The set of all possible strategies available to a player in a game.

A specific choice made by each player in a game.

A game where all players choose their strategies simultaneously.