What is dominance approach?

Answer 1

The dominance approach is a decision-making framework used primarily in the context of game theory and economics, where the focus is on strategies that consistently outperform others. In this approach, a strategy is considered dominant if it yields better outcomes for a player, regardless of what the other players choose. This concept helps simplify complex decision environments by identifying optimal strategies that lead to favorable results, often guiding players toward rational choices in competitive situations.