Question

What is meant by 'Payoffs' in Game Theory?
Select one:
o a. Outcome of a game when different alternatives are adopted by pla
O b. Number of players involved in a game
c. Value of game
O d. Strategies used by players.​

Answer 1

Answer:

A payoff is the outcome of a game that depends of the selected strategies of the players. Payoff = The value associated with a possible outcome of a game. Strategy = A rule or plan of action for playing a game. An optimal strategy is one that provides the best payoff for a player in a game

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