Some Definitions –Maxi-min (mini-max) strategy: The maxi-min strategy is the path with the highest possible (maximum) worst (minimum) outcome. –Dominant.

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Presentation transcript:

Some Definitions –Maxi-min (mini-max) strategy: The maxi-min strategy is the path with the highest possible (maximum) worst (minimum) outcome. –Dominant strategy: A strategy is dominant if it does better than all other strategies in at least one circumstance and as well as every other strategy in all circumstances. –Dominated strategy: A strategy is dominated if it does worse than another strategy in at least one circumstance and no better than that strategy in all circumstances. –Nash Equilibrium: An outcome is in Nash equilibrium if, given that outcome, no party regrets its choice of strategy (cannot do better).

LESSON: The Nash equilibrium is not necessarily a Pareto optimal outcome. Pareto optimal Nash Eq

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