11. Game theory terminology Complete the following table by selecting the term best described by each definition. A set of strategies (one for each player) in which each player's strategy is the best option for that player, given the chosen strategy of the player's opponents A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again The event that occurs when agents in a game form an agreement about which strategies to implement Tit-for- Definition Payoff Matrix Dominant Strategy Nash tat Prisoners' Dilemma Equilibrium Strategy Game Collusion A player's best choice, if it exists, regardless of their opponent's strategy O O O O O O O O O O
11. Game theory terminology Complete the following table by selecting the term best described by each definition. A set of strategies (one for each player) in which each player's strategy is the best option for that player, given the chosen strategy of the player's opponents A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again The event that occurs when agents in a game form an agreement about which strategies to implement Tit-for- Definition Payoff Matrix Dominant Strategy Nash tat Prisoners' Dilemma Equilibrium Strategy Game Collusion A player's best choice, if it exists, regardless of their opponent's strategy O O O O O O O O O O
Chapter15: Oligopoly And Strategic Behavior
Section: Chapter Questions
Problem 17P
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Transcribed Image Text:11. Game theory terminology
Complete the following table by selecting the term best described by each definition.
A set of strategies (one for each player) in which each player's
strategy is the best option for that player, given the chosen
strategy of the player's opponents
A strategy in which a player cooperates until the other player
defects and then defects until the other player cooperates again
The event that occurs when agents in a game form an agreement
about which strategies to implement
Tit-for-
Definition
Payoff
Matrix
Dominant
Strategy
Nash
tat
Prisoners'
Dilemma
Equilibrium Strategy
Game
Collusion
A player's best choice, if it exists, regardless of their opponent's
strategy
O
O
O
O
O
O
O
O
O
O
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