The payoff value for which each player in a game always selects the same strategy is called the
Question
The payoff value for which each player in a game always selects the same strategy is called the
Solution
The payoff value for which each player in a game always selects the same strategy is called the "dominant strategy equilibrium."
Here are the steps to understand this concept:
-
In game theory, a game is any scenario involving multiple players, each of whom has a set of possible strategies.
-
The payoff is what each player stands to gain or lose as a result of the choices they make within the game.
-
A strategy is dominant if, regardless of what any other players do, the strategy earns a player a larger payoff than any other. Hence, a player should always play their dominant strategy.
-
When every player in a game plays their dominant strategy, the outcome of the game is called the dominant strategy equilibrium.
So, in simple terms, the dominant strategy equilibrium is the outcome resulting from everyone doing their best, regardless of what others are doing.
Similar Questions
he payoff value for which each player in a game always selects the same strategy is called theans.saddle pointequilibrium pointnoneboth Previous Marked for Review Next
For a player in a game, a dominant strategy isGroup of answer choicesAll of the other answers are correctthe strategy that maximises the joint payoff of players in the game.When all players adopt the same strategywhen a player adopts the same strategy, regardless as to the strategies of any other players in the gameNone of the other answers are correct
In game theory, the strategy that results in the highest payoff to a player regardless of what the other player decides to do is called the:Group of answer choicesStackleberg equilibrium.equilibrium strategy.min-max strategy.dominant strategy
With a dominant strategyGroup of answer choicesA player receives a higher payoff than they would receive if the adopt an alternative strategy, regardless as to the action of their rival (the other player).A player minimises the payoff of its rival or rivals.None of the other answers are correct.A player does well, but could do better, provided the other chose the more 'cooperative' strategyA player always receives the highest possible payoff available in the game consider all of the payoffs available under any combination of player actions.
In a dominant strategy equilibrium: Group of answer choices The players adopt strategies that maximise the joint payoffs to all players in the game Each player adopts a strategy that maximises the payoffs to all of the other players in the game Players adopt strategies that minimise the payoffs of their rivals Every player plays their dominant strategy None of the above
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.