Another Fine Math You've Got Me Into. . . by Ian Stewart
Author:Ian Stewart
Language: eng
Format: epub
ISBN: 9780486150789
Publisher: Dover Publications
Published: 2012-10-15T04:00:00+00:00
“Strictly greater,” I added, “means what it says: greater and not equal. The point is that whatever your opponent does, a dominant strategy gives the greatest payoff.”
“Super!”
“If both players have a dominant strategy, then their combination is called a dominant strategy equilibrium. The theory is that both players should then play their dominant strategies. Actually that’s not always such a good idea, as we’ll see, but it often makes sense.
“First, let me see whether you have a dominant strategy. It must either be buy or sell. Suppose you decide to buy. Let’s consider the outcomes. First, suppose Maxdoch Murwell is going to buy:
Rodney sells, Maxdoch buys payoff to Rodney = $4 million
Rodney buys, Maxdoch buys: payoff to Rodney = $1 million
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