Which of the following are parts of every game theory model : A. Strategies B. Players C. Constraints…
Every formal game-theoretic model is defined by three essential elements: B. Players (decision-makers), A. Strategies (feasible actions available to each player), and D.…
Choose your answer
Which of the following are parts of every game theory model :
A. Strategies
B. Players
C. Constraints
D. Pay offs
Answer and explanation
Correct answer C
Every formal game-theoretic model is defined by three essential elements: B. Players (decision-makers), A. Strategies (feasible actions available to each player), and D. Payoffs (utility or profit outcomes associated with each strategy profile). Thus A, B and D is correct.
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RPSC Assistant Professor (College Education)