Some Definitions

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• Some Definitions
• Maxi-min (mini-max) strategy The maxi-min
  strategy is the path with the highest possible
  (maximum) worst (minimum) outcome.
• Dominant strategy A strategy is dominant if it
  does better than all other strategies in at least
  one circumstance and as well as every other
  strategy in all circumstances.
• Dominated strategy A strategy is dominated if it
  does worse than another strategy in at least one
  circumstance and no better than that strategy in
  all circumstances.
• Nash Equilibrium An outcome is in Nash
  equilibrium if, given that outcome, no party
  regrets its choice of strategy (cannot do better).

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Pareto optimal
Nash Eq
LESSON The Nash equilibrium is not necessarily a
Pareto optimal outcome.
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The Game of ODDS
Paul Loses
Paul Wins
My Choice
Paul Loses
Paul Wins
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The Game of Odds
Gronke Lose
My Choice
Gronke Win
Gronke Win
Gronke Lose
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