Exam 9: Game Theory and Strategic Thinking

When the trade-offs you face are determined by the choices someone else will make,behaving rationally involves:

A decision matrix:

Once a Nash equilibrium has been found in a game:

In the prisoner's dilemma game:

The process of analyzing a problem in reverse-starting with the last choice,then the second-to-last choice,and so on,to determine the optimal strategy-is called:

The prisoner's dilemma:

All games involve which of the following?

The ability to make counteroffers transforms bargaining from a game in which ___________ trumps everything to a game in which ____________ is the winning strategy.

Having a commitment strategy in the business world is called:

Reaching a Nash equilibrium means that:

In a game of bargaining,those who _______________ will likely get the highest payoff.

Payoffs are:

In the real world,it is likely that wage negotiations:

Two players who are both playing tit-for-tat can quickly find their way toward:

Explicit agreements between businesses to keep prices high:

When your outcomes depend on another's choices,asking __________________ is the key to good decision making.

An example of a payoff would be:

When businesses cooperate and agree to hold prices high,it is called ____________,and when they reach a noncooperative equilibrium it's called _______________.

When one person or company has to make a decision before the other in a game,it is called a:

For players in a repeated-play game to achieve cooperation: