Another Fine Math You've Got Me Into. . . by Stewart Ian;

Author:Stewart, Ian;
Language: eng
Format: epub
ISBN: 1909671
Publisher: Dover Publications
Published: 2012-10-14T16:00:00+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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