0
In game theory, a dominant strategy is one where regardless of what the other player does, you always have a larger payoff.
In probability a dominant strategy is the one with the higher likelihood of winning. For example, if you have 30% red M&Ms, 70% yellow M&Ms coming out of a tube, the dominant strategy will be to always guess yellow. (Probability matching, which most adults use is guessing 30% of the time red, and the rest yellow). An every day example would be two work routes- one that is 80% of the time traffic jammed, and the other which is only 10% of the time traffic jammed. You will always prefer the second route- despite the small probability that the first route is better.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoA strategy is dominant if, regardless of what any other players do, the strategy earns a player a larger payoff than any other. Hence, a strategy is dominant if it is always better than any other strategy, for any profile of other players' actions. Depending on whether "better" is defined with weak or strict inequalities, the strategy is termed strictly dominant or weakly dominant. If one strategy is dominant, than all others are dominated. For example, in the prisoner's dilemma, each player has a dominant strategy
Add your answer:
Earn +20 pts
What is game theory and dominant strategy?
Game TheoryGame theory is the study of the ways in which strategic interactions among economic agents produce outcomes with respect to the preferences (or utilities) of those agents, where the outcomes in question might have been intended by none of the agents.Dominant StrategyA strategy is dominant if, regardless of what any other players do, the strategy earns a player a larger payoff than any other. Hence, a strategy is dominant if it is always better than any other strategy, for any profile of other players' actions. Depending on whether "better" is defined with weak or strict inequalities, the strategy is termed strictly dominant or weakly dominant. If one strategy is dominant, than all others are dominated. For example, in the prisoner's dilemma, each player has a dominant strategy.
How would you define dominant strategy equilibrium?
exercising influence or control; "television plays a dominant role in molding public opinion"; "the dominant partner in the marriage.
What comes first Strategy or Policy?
Strategy comes first
Which strategy of international business does Starbucks use?
transnational strategy
What is meant by strategy?
Strategy is a course of action that will be taken to achieve a specific goal or result. Strategy can be used for many different things.
What is game theory and dominant strategy?
Game TheoryGame theory is the study of the ways in which strategic interactions among economic agents produce outcomes with respect to the preferences (or utilities) of those agents, where the outcomes in question might have been intended by none of the agents.Dominant StrategyA strategy is dominant if, regardless of what any other players do, the strategy earns a player a larger payoff than any other. Hence, a strategy is dominant if it is always better than any other strategy, for any profile of other players' actions. Depending on whether "better" is defined with weak or strict inequalities, the strategy is termed strictly dominant or weakly dominant. If one strategy is dominant, than all others are dominated. For example, in the prisoner's dilemma, each player has a dominant strategy.
How would you define dominant strategy equilibrium?
exercising influence or control; "television plays a dominant role in molding public opinion"; "the dominant partner in the marriage.
WHAT WAS was the dominant strategy for improving worker productivity during the early 1900s?
a whip
Was the dominant strategy for improving worker productivity during the early 1900s.?
Scientific management
What is the dominant rhetorical strategy Douglass uses in the third paragraph to achieve his purpose?
anaphora
What is the dominant strategy for improving worker productivity in the early 1900s?
Automation and assembly lines.
What is the dominant strategy for improving worker productivity during the early 1900s?
scientific management
Was the dominant strategy for improving worker productivity during the early 1900s?
Scientific management
How do you know if a payoff matrix doesn't have a dominant strategy?
There will be no saddle point; no point in the table will be an optimum.
What are the dominant strategy-shaping economic characteristics of the digital music player industry DMPI?
The dominant strategy-shaping economic characteristics of the digital music player industry DMPI is the notion that the music player industry needs to be more innovative to stay relevant.
Are freckles dominant recessive or dominant dominant?
dominant genes for freckles
What is the adjective of dominate?
It is dominant.
