Game theory Flashcards

1
Q

Dominant strategy

A

The strategy in a game that produces the best results regardless of the other players strategy

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2
Q

Social dilema

A

Where individual incentives conflict with efficiency (seen in prisoners dilemma)

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3
Q

Nash equilibrium

A

The combination of strategies that neither player has an incentive to change strategy given the opponent

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4
Q

Commitment devices

A

Changes the game so both players have an obvious choice to pick

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5
Q

Zero-sum games

A

One players gain is another players loss (i.e. football)

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6
Q

Variable sum game

A

total play off depends on the other player’s outcomes (i.e. prisoners dilemma)

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7
Q

Stage game

A

Where players choose their outcomes simultaneously

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7
Q

A coordination game

A

There are 2 pairs of fixed actions which constitute the best outcome

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8
Q

A Pareto coordination game

A

Where there is one fixed action which constitutes to the best mutual response for all

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9
Q

Stag hunt coordination game

A

Similar to Pareto coordination except there is a low risk option if you do not trust your opponent

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10
Q

Backward induction

A

To find the Nash equilibrium of a sequential game you may have to work backwards, the equilibrium obtained is the sub-game perfect (nash) equilibrium

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11
Q

Pareto Efficiency

A

When there is no other outcome with an allocation that makes someone better off without making someone worse off

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12
Q

Battle of the sexes coordination game

A

Where each player has a different preferred coordination outcome

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13
Q

Miscoordination

A

When both players coordinate on a worse equilibrium

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14
Q

Coordination failure

A

When players each choose different strategies

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