How to find DOMINATING STRATEGIES with Game Theory

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In Game Theory, a strategy is a dominating strategy if it always gives us the best payoff regardless of how our opponent plays, and similarly a dominated strategy gives us the least payoff, regardless of how our opponent plays. For example, Rock-Paper-Scissors has no dominating strategies as all three options are equally good against someone playing randomly. If we have a normal form game, written down with a payoff matrix, then we can search for dominating or dominated strategies for each player to help decide how people will play. In more complicated games, iterated elimination of dominated strategies can collapse to a single choice for both players. We first saw this idea back in Episode 1 on the Prisoner's Dilemma, but we now focus more fully on exploring the idea.

0:00 Dominating Strategies
2:23 Economics Example
8:30 Iterated Elimination of Dominated Strategies
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A note on the formal definition of a dominating strategy: a strategy a1 is a dominating strategy for player 1 if the payoff function u(a1,a2,...,an) is bigger than u(a1', a2,...,an) for all choices of a1' and al choices of a2,...,an.

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Видео How to find DOMINATING STRATEGIES with Game Theory канала Dr. Trefor Bazett