Dominant Strategy- the strategy an individual tends to choose more often than others.
Dominant Strategy Equilibrium- the recurring combination of dominant strategies used by different players.
Extensive Form- a type of game in which rules dictate all possible moves.
Game Theory- a mathematical theory that deals with strategies for maximizing gains and minimizing losses within prescribed constraints: widely applied in the solution of decision-making problems. Also called theory of games.*
Information- knowledge communicated or recieved concerning a particular fact or circumstance; news.*
Maximin Criterion- in a two-person, zero-sum game, it is rational for each participant to choose the strategy that maximizes minimum payoff.
Mixed Strategy- a participant in a game chooses between two or more strategies at random, according to specific probabilities.
Move- a player's right or turn to make a play.*
Nash Equilibrium- the set of strategies in which no player can benefit by changing their strategy while the other players keep their strategies unchanged and their corresponding payoffs.
Normal Form- a type of game in which computations can be carried out completely and the best move is always known.
Payoff- the consequence, or outcome, or final sequence in a series of events, actions, or circumstances.*
Solution- a particular method of solving a problem.*
Strategy- a plan, method, or series of maneuvers or strataems for obtaining a specific goal or result.*