What is a dominant strategy in a game

Assignment Help Management Theories

Reference no: EM131908871

Question: 1. Distinguish between the Pareto criterion for evaluating a social change in which there are gainers and losers and the Kaldor-Hicks (or potential Pareto) criterion.

2. What is a dominant strategy in a game? Where both players in a two-person game have a dominant strategy, is there an equilibrium solution for the game? What is a Nash equilibrium? Is a dominant-strategy equilibrium a Nash equilibrium? What are the possible shortcomings of a Nash equilibrium in a game?

Reference no: EM131908871

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