Game Theory: Solution Concepts and Strategic Dominance ( Part 4)

Belief and Best Response, Common Rationality

Kowshik chilamkurthy
May 29 · 6 min read
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Introduction

Strict Dominance Solution Concept

“strictly dominant strategy is a strategy that is always the best thing you can do, regardless of what your opponents choose”

Prisoners Dilemma

Limitations of Strict Dominance

Common Knowledge of Rationality

Belief and Best Response

This is a central concept in the game theory. The player has to choose a best strategy as a response to the strategies of his opponents. The player chooses an action considering the belief about his opponent as his/her best response.

Example

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Kowshik chilamkurthy

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RL | ML | ALGO TRADING | TRANSPORTATION | GAME THEORY

Nerd For Tech

NFT is an Educational Media House. Our mission is to bring the invaluable knowledge and experiences of experts from all over the world to the novice. To know more about us, visit https://www.nerdfortech.org/.