Importance of Elimination of Strictly Dominated Actions Homework Help
Game theory dominates a big chunk of economics. It is of utmost importance that a student grasps the different theories related to it in order to be successful in that subject. But there lies the problem. Game theory is not like any ordinary theory where you just simply read the definition and understand the concept.
Game theory concepts are complex and are mainly based on assumptions making it harder than the rest. Dominant strategies and their elimination is one such concept. Most students pursuing economics have faced problems while solving homework or assignments based on it. But you need not worry as Iterated elimination of strictly dominated actions homework help will provide you with all the necessary help.
Concept of dominant strategies
There are multiple strategies at play when a decision is being made that will affect the outcome of a deal or game. Strategies are affected by the action of the other player. But if there exists a strategy that is better than another strategy no matter what the opponent plays, then that strategy is known as dominant strategy.
It is natural that every player will try to choose a dominant strategy over a dominated one. Hence, through elimination of the dominated strategies it can be possible to make better predictions regarding the outcome of a game.
For example, in a game of chess, a player always tries to castle the king to safety. Although there are many other strategies to protect the king, castling seems to provide the best protection. And hence it is a dominant strategy in a game of chess, which is a game of perfect information between two players. It may sound confusing at first, but for better understanding you can refer to Iterated elimination of strictly dominated actions homework help atmyhomeworkhelp.com.
Terminology
In order to understand the concept of dominant strategies, there are certain terms associated with it which you need to understand.
- Strictly dominant strategy:
A is called strictly dominant strategy if choosing A always provides better outcome than choosing B
- Weakly dominant strategy:
A is called weakly dominant strategy if there is at least one case where choosing A provides better outcome than choosing B
- Strictly dominated strategy:
A is called strictly dominated strategy is choosing A never produces better outcome than choosing B
- Weakly dominated strategy:
A is called weakly dominated strategy if there is at least one case when choosing A is less favorable than choosing B.
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Need for homework help
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