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Dominance game theory - Terminology
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Dominance game theory, Dominance game theory - Dominance and Nash equilibria, Dominance game theory - Iterated elimination of dominated strategies IEDS, Dominance game theory - Mathematical definition, Dominance game theory - Terminology, Arbitrage

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Dominance game theory - Terminology: Encyclopedia II - Dominance game theory - Terminology

When a player tries to choose the "best" strategy among a multitude of options, that player may compare two strategies A and B to see which one is better. B dominates A: choosing B always gives at least a good an outcome as choosing A. There are 2 possibilities: B strictly dominates A: choosing B always gives a better outcome than choosing A, no matter what the other player(s) do. B weakly dominates A: There is at least one set of opponents' action for which B is superior, and all other set ...

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Dominance game theory, Dominance game theory - Terminology, Dominance game theory - Mathematical definition, Dominance game theory - Dominance and Nash equilibria, Dominance game theory - Iterated elimination of dominated strategies IEDS

Read more here: » Dominance game theory: Encyclopedia II - Dominance game theory - Terminology

Dominance game theory - Terminology: Encyclopedia II - Dominance game theory - Terminology

When a player tries to choose the "best" strategy among a multitude of options, that player may compare two strategies A and B to see which one is better. B dominates A: choosing B always gives at least as good an outcome as choosing A. There are 2 possibilities: B strictly dominates A: choosing B always gives a better outcome than choosing A, no matter what the other player(s) do. B weakly dominates A: There is at least one set of opponents' action for which B is superior, and all other se ...

See also:

Dominance game theory, Dominance game theory - Terminology, Dominance game theory - Mathematical definition, Dominance game theory - Dominance and Nash equilibria, Dominance game theory - Iterated elimination of dominated strategies IEDS

Read more here: » Dominance game theory: Encyclopedia II - Dominance game theory - Terminology

Dominance game theory - Terminology: Encyclopedia II - Dominance game theory - Iterated elimination of dominated strategies IEDS

One common technique for solving games involves iteratively removing dominated strategies. In the first step, all dominated strategies of the game are removed, since rational players will not play them. This results in a new, smaller game. Some strategies -- that were not dominated before -- may be dominated in the smaller game. These are removed, creating a new even smaller game, and so on. There are two versions of this process. One version involves only eliminating strictly dominated strategies. If, after completing this process, there is onl ...

See also:

Dominance game theory, Dominance game theory - Terminology, Dominance game theory - Mathematical definition, Dominance game theory - Dominance and Nash equilibria, Dominance game theory - Iterated elimination of dominated strategies IEDS

Read more here: » Dominance game theory: Encyclopedia II - Dominance game theory - Iterated elimination of dominated strategies IEDS

Dominance game theory - Terminology: Encyclopedia II - Dominance game theory - Dominance and Nash equilibria

If a strictly dominant strategy exists for one player in a game, that player will play that strategy in each of the game's Nash equilibria. If both players have a dominant strategy, the game has only one unique Nash equilibrium -- however, that Nash equilibrium is not necessarilly Pareto optimal, meaning that there may non-equilibrium outcomes of the game that would be better for both players. The classic game used to illustrate this is the Prisoner's Dilemma. Strictly dominated strategies cannot be a part of a Nash equilibrium, and a ...

See also:

Dominance game theory, Dominance game theory - Terminology, Dominance game theory - Mathematical definition, Dominance game theory - Dominance and Nash equilibria, Dominance game theory - Iterated elimination of dominated strategies IEDS

Read more here: » Dominance game theory: Encyclopedia II - Dominance game theory - Dominance and Nash equilibria

Dominance game theory - Terminology: Encyclopedia II - Dominance game theory - Mathematical definition

In mathematical terms, For any player i, a strategy weakly dominates another strategy if (With at least one strict inequality) (Remember that S − i represents the product of all strategy sets other than i's) On the other hand, s ...

See also:

Dominance game theory, Dominance game theory - Terminology, Dominance game theory - Mathematical definition, Dominance game theory - Dominance and Nash equilibria, Dominance game theory - Iterated elimination of dominated strategies IEDS

Read more here: » Dominance game theory: Encyclopedia II - Dominance game theory - Mathematical definition

More material related to Dominance Game Theory can be found here:

Main Page
for
Dominance Game Theory

Index of Articles
related to
Dominance game theory - T...