Define dominant strategy.
Understand the Problem
The question is asking for a definition of the term 'dominant strategy,' which is a concept in game theory referring to a strategy that yields the best outcome for a player, regardless of what the other players choose. It highlights the optimal choice for a player when faced with various possible actions from other players.
Answer
A strategy that is better than any other strategy for one player, no matter how that player's opponent will play.
The final answer is that a dominant strategy is a strategy in game theory that is better than any other strategy for one player, no matter how that player's opponent will play.
Answer for screen readers
The final answer is that a dominant strategy is a strategy in game theory that is better than any other strategy for one player, no matter how that player's opponent will play.
More Information
In game theory, a dominant strategy is considered superior because it yields the best outcome for a player regardless of how other players act. It simplifies strategic decisions in games.
Tips
confusing dominant strategies with Nash equilibriums, which are situations where every player's strategy is optimal given the strategies of the others
Sources
- Wikipedia - Strategic Dominance - en.wikipedia.org
- Dominant Strategy - Overview, Outcomes, Examples - corporatefinanceinstitute.com
- Dominant Strategy - an overview | ScienceDirect Topics - sciencedirect.com
AI-generated content may contain errors. Please verify critical information
