Concepts

Question 1

Mixed Strategy NE

Answer 1

A mixed strategy profile (s1, s2) is a mixed strategy Nash equilibrium if s1 is player 1’s best response to s2, and s2 is player 2’s best response to s1

Question 2

Pure Strategy NE

Answer 2

a strategy profile where no player can improve their payoff by unilaterally deviating from their chosen strategy.

Question 3

Weakly dominant strategy

Answer 3

if the strategy is never worse and sometimes better than another other strategy of the player

Question 4

Strongly dominant strategy

Answer 4

the strategy yields a strictly higher payoff for a player than any other strategy, regardless of the player’s other strategies