chapter 18: game theory and strategic choices

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5 Terms

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Strategic interactions

when your best choice may depend on what others choose and their best choice may depend on what you choose

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Payoff table

a table that lists your choices in each row, the other player’s choices in each column, and so shows all possible outcomes, listing the payoffs in each cell

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Best response

the choice that yields the highest payoff given the other players choice

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Nash equilibrium

an equilibrium in which the choice that each player makes is a best response to the choices other players are making

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Check mark method

if you put a check mark next to each players best response, then an outcome with a check mark from each player is a nash equilibrium