What are dominant strategies in game theory?

What are dominant strategies in game theory?

Dominant strategies are strategies that yield the best outcome for a player, regardless of what the other players do.

Can you give me an example of a dominant strategy?

Sure! In the Prisoner's Dilemma, confessing is a dominant strategy because it leads to a better outcome for both players.

How do dominant strategies affect decision-making?

They simplify decision-making by providing a clear choice that maximizes a player's payoff, regardless of others' actions.

Are there situations where dominant strategies don't exist?

Yes, in some games, players may not have a dominant strategy, leading to more complex decision-making scenarios.