Question

4. Game theory terminology 

Select the term that best describes each definition listed in the following table. 

Definition	Nash Equilibrium	Dominant Strategy	Collusion	Prisoners Dilemma	Payoff Matrix	Prisoners Dilemma Game
A visual representation of a game showing all possible strategies for each player and all potential outcomes and payoffs
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 player's best choice, if it exists, regardless of his or her opponent's strategy
A strategy in which a player cooperates until the other player defects and then defects until the other player cooperates again

    

Answer 1

A ) PAYOFF MATRIX - A vsual game showing all possible strategies for each player and all potential outcomes and payoffs

B) NASH EQUILIBRIUM -A  set of strategies in which each players strategy is the best option for the player, given the chosen strategy chosen of the players opponent. (double line)

C) DOMINANT STRATEGY - strategy that is best for a player regardless of the strategies chosen by the other players

D) TIT FOR TAT A player cooperates until the other player defects and then defects until the other player cooperates again.