Game Theory Basics
GT Level 2
Zero or Non-Zero?
Dominant Strategy Scenarios
Principles of Economic Decision Making Review
100
Any interaction between two or more players.
What is a game?
100
To understand how all players in a situation act to maximize their own benefit.
What is the purpose of game theory?
100
Chess.
What is zero-sum?
100
Ms. McCallum's dominant strategy.
What is tacos?
100
The benefit of the option you didn't choose.
What is opportunity cost?
200
A strategic decision maker in an interaction.
What is a player?
200
A situation in game theory in which one person's gain is not equivalent to another's loss.
What is a non zero-sum game?
200
Uno.
What is zero-sum?
200
Ms. Ode's dominant strategy.
What is pizza?
200
A lack of resources.
What is scarcity?
300
The study of how people behave in strategic situations.
What is game theory?
300
A situation in game theory in which one person's gain is equivalent to another's loss.
What is a zero-sum game?
300
Prisoner's Dilemma.
What is non-zero sum?
300
Mendy's dominant strategy.
What is class?
300
Reward/punishment, motivation for changing behavior or making a certain decision.
What are incentives?
400
The two types of games.
What are zero-sum and non zero-sum games?
400
Strategy that always has the best payoff for the player no matter what the other player chooses.
What is dominant strategy?
400
Chicken (driving/riding/running directly at each other).
What is non-zero sum?
400
Isaac's dominant strategy.
What is skip?
400
Weighing pros and cons of a decision to maximize personal benefit.
What is marginal analysis or cost-benefit analysis?
500
The three components of all games.
What are players, strategy, and payoff?
500
The grid used to display the possible payoffs of a scenario.
What is a game theory matrix?
500
The Super Bowl (for advertisers).
What is non zero-sum?
500
The payoff if both boys choose their dominant strategy.
What is 9,8?
500
The fundamental economic problem.
What is scarcity?