Game Theory and Equilibrium Concepts Quiz

Dive into key concepts like Nash equilibrium, dominant strategy, zero-sum games, and more in this comprehensive quiz on game theory.

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What is a zero-sum game?

A game where the sum of the players' payoffs is always zero.

A game where one player's gain is exactly balanced by another player's loss.

A game where all players end up with zero points.

A game where players cannot make any moves.

What is the 'Battle of the Sexes' game?

A game where players compete to be the most attractive.

A game where players have conflicting preferences but prefer agreement over disagreement.

A game where players compete to win a battle.

A game where players have identical preferences.

What is the Nash equilibrium?

A solution concept in game theory where each player's strategy is optimal given the strategies of the other players.

A game where each player is guaranteed to win regardless of their strategy.

A situation where players cooperate to achieve the best possible outcome for all.

A game where players have no incentive to deviate from their current strategy.

In game theory, what does 'dominant strategy' refer to?

A strategy that is guaranteed to win in every situation.

A strategy that is always chosen by rational players regardless of what others do.

A strategy that is only optimal if other players choose specific strategies.

A strategy that is randomly selected by players.

What is a mixed strategy in game theory?

A strategy that involves both cooperation and competition.

A strategy where players randomly choose among several pure strategies with certain probabilities.

A strategy where players always choose the same action regardless of the opponent's move.

A strategy that is completely transparent and predictable.

What does the term 'equilibrium' refer to in game theory?

A situation where one player dominates all others.

A state where players have no optimal strategies.

A stable state where no player has an incentive to change their strategy unilaterally.

A situation where all players cooperate perfectly.

What is the 'principle of dominance' in game theory?

A principle that states a strategy is dominant if it always results in the highest payoff regardless of the other player's strategy.

A principle that states players should always aim for dominance over others.

A principle that states players should collaborate rather than compete.

A principle that states players should aim for mutual destruction.

What is the 'tragedy of the commons' in game theory?

A situation where individuals act in their own self-interest, depleting a shared resource, leading to a worse outcome for everyone.

A game where players compete for control over common land.

A game where players are unable to communicate effectively, leading to tragic outcomes.

A situation where players refuse to share resources, leading to mutual destruction.

What is the Prisoner's Dilemma?

A situation in which two individuals acting in their own self-interest pursue a course of action that does not result in the optimal outcome.

A game where one player's gain is directly proportional to the other player's loss.

A game where cooperation always leads to the best outcome.

A game where players can freely communicate and strategize.

#10

What is the difference between simultaneous and sequential games?

Simultaneous games are played one after the other, while sequential games are played simultaneously.

In simultaneous games, players move without knowing the opponents' moves, while in sequential games, players observe opponents' moves before making decisions.

Simultaneous games involve only two players, while sequential games involve more than two players.

In sequential games, players have no incentive to strategize.

#11

What is the concept of a Pareto-optimal outcome?

An outcome where one player maximizes their payoff at the expense of others.

An outcome where no player can improve their situation without worsening another player's situation.

An outcome that is achieved through random chance.

An outcome where all players lose.

#12

What does 'subgame perfect equilibrium' mean in game theory?

A solution concept that requires players to play optimally at every stage of the game.

A strategy that is only optimal if other players cooperate.

A situation where players agree on a common strategy.

A game where players have no incentive to deviate from their current strategy.

#13

What is the 'centipede game' in game theory?

A game where players take turns making a move, with each move leading to a higher payoff.

A game where players are arranged in a circular formation.

A game where players compete to control the center of the board.

A game where players try to avoid stepping on a centipede.

#14

What does the 'folk theorem' in game theory state?

A theorem that states any outcome can be achieved with proper communication and coordination between players.

A theorem that describes the possibility of sustaining cooperative outcomes in repeated games.

A theorem that states only folklore can provide insights into game theory.

A theorem that states every game has a unique equilibrium.