Business Studies, asked by Prateek2978, 11 months ago

Is a strategy that yields a higher payoff no matter what the other person's strategy is?

Answers

Answered by choudhary21
1

Explanation:

In game theory, the best response is the strategy (or strategies) which produces the most favorable outcome for a player, taking other players' strategies as given (Fudenberg & Tirole 1991, p. 29; Gibbons 1992, pp. 33–49).

Answered by Anonymous
0

Explanation:

Definition: A dominant strategy is a strategy that yields a higher payoff no matter what the other player chooses (antonym: a dominated strategy is a strategy that yields a lower payoff no matter what the other player chooses). Each prisoner has a dominant strategy to confess.

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