Explore tens of thousands of sets crafted by our community.
Game Theory Strategies
10
Flashcards
0/10
Tit for Tat
A strategy in repeated games where a player in the second round simply mimics what their opponent did in the first round.
Nash Equilibrium
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.
Subgame Perfect Equilibrium
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.
Bargaining Problem
The challenge of reaching a mutually agreeable outcome among a group of players who have conflicting interests over the outcome.
Pareto Efficiency
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.
Evolutionarily Stable Strategy (ESS)
A strategy that, if adopted by a population in a game, cannot be invaded by any alternative strategy that is initially rare.
Mixed Strategy
A strategy in which a player chooses between possible moves according to a probability distribution.
Dominant Strategy
A strategy that is the best for a player to follow no matter what the other players are doing.
Minimax Strategy
A decision rule for minimizing the maximum possible loss, or alternatively, maximizing the minimum gain.
Zero-sum Game
A game in which one player's gain is exactly balanced by the other players' losses.
© Hypatia.Tech. 2024 All rights reserved.