What is a dominant strategy in game theory?

What is a dominant strategy in game theory?

A dominant strategy is a strategy that is the best choice 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 for both players, as it leads to a better outcome regardless of the other's choice.

How does a dominant strategy differ from a Nash equilibrium?

A dominant strategy is the best choice for a player regardless of others' actions, while a Nash equilibrium is a situation where no player can benefit by changing their strategy if others keep theirs unchanged.

Are there situations where a dominant strategy doesn't exist?

Yes, in some games, players may not have a dominant strategy, and their best choice depends on the strategies chosen by others.