Game theory introductory question
(html comment removed: - Subject/title )
Game theory
(html comment removed: - Prompt )
Question: For a repeated, two-person game with cooperative and defective actions, Benezio writes an Algorithm that selects the previous action of the opponent with an initial action of cooperation. The algorithm's policy is best characterized as:
(html comment removed: - Choices )
(html comment removed: - Solution )
The correct answer is a Tit-for-Tat strategy. A Tit-for-Tat strategy punishes repeated defectors and benefits repeated cooperators. It can be thought of a Golden Rule policy as it incentivizes the opponent to "treat another as you wish to be treated".
A Nash equilibrium is an equilibrium where no player can benefit by unilaterally deviating from a given policy. It is a statement about the game not a strategy.
A coalition strategy is set of player strategies where players collude to select a (generally maximally beneficial) joint strategy.
Chicken is a two-person game with a particular reward structure such that choosing a conservative strategy rewards your opponent more than yourself and where a two bold strategies result in the worst outcome.
(html comment removed: - References )
References
Nash equilibria | Coalitions | Tit for tat | The game of chicken | Image by Chris Jensen and Greg Riestenberg
Next question 1 | Next question 2
(html comment removed: - Tags )
(html comment removed: - (you select these, e.g. mcgt ~ multiple choice game theory) )
Tags: #mcgt | #mccgt | #multiplechoice | #multiplechoicecurations
(html comment removed: - Remember to tag your posts with these tags or they won't be seen! )
(html comment removed: - Template and Curation homepages )
Write and curate your own: Markdown template | Html | Instructions | What is this?