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Game Theory Strategies

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Tit for Tat

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A strategy in repeated games where a player in the second round simply mimics what their opponent did in the first round.

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Nash Equilibrium

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A situation in a non-cooperative game where each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy.

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Subgame Perfect Equilibrium

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A refinement of Nash Equilibrium used in dynamic games with a sequential structure. It requires players' strategies to be Nash Equilibria within every subgame of the larger game.

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Bargaining Problem

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The challenge of reaching a mutually agreeable outcome among a group of players who have conflicting interests over the outcome.

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Pareto Efficiency

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A state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

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Evolutionarily Stable Strategy (ESS)

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A strategy that, if adopted by a population in a game, cannot be invaded by any alternative strategy that is initially rare.

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Mixed Strategy

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A strategy in which a player chooses between possible moves according to a probability distribution.

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Dominant Strategy

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A strategy that is the best for a player to follow no matter what the other players are doing.

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Minimax Strategy

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A decision rule for minimizing the maximum possible loss, or alternatively, maximizing the minimum gain.

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Zero-sum Game

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A game in which one player's gain is exactly balanced by the other players' losses.

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