L13

Question 1

What will the formal definition/layout of a game include? (5)

Answer 1

The players
Their preferences
Their information (payoffs etc.)
The strategic actions available
How these actions will influence the outcome

Question 2

Define a game?

Answer 2

See notes

Question 3

See

Answer 3

Page 2 her notes RPS example?

Question 4

What is a game represented in a game matrix called?

Answer 4

Normal form/strategic game

Question 5

3 assumptions in a game?

Answer 5

rationality
maximization of own payoff
know game structure

These are all common knowledge

Question 6

3 other things extensive form game will show?

Answer 6

order of play
information players have at that time
time at which uncertainty is resolved

Question 7

What is a rational player?

Answer 7

a rational player is one who always chooses an action which gives the outcome he most prefers, given what he expects his opponent(s) to do

Question 8

Explain the prisoner’s dilemma?

Answer 8

See notes

Question 9

Define dominance?

Answer 9

Strategy A dominates strategy B if, regardless of what the other player plays, A yields a higher payoff for the player

Question 10

Define symmetric game?

Answer 10

When both players have the same options and payoffs

Question 11

See

Answer 11

Elimination of dominated strategies page 4 her notes