Game theory 101
game theory made easy
Bargaining and More
Expected Utility Theory
The Prisoner's Dilemma and Strict Dominance
This lesson uses the prisoner's dilemma to introduce the concept of strict dominance.
If a particular strategy is always worse than another for a player, we say that the first strategy is "strictly dominated."
Rational players will never play strictly dominated strategies.
If one strategy is always better than the rest, then the only sensible outcome is for both players to play those strategies.
Iterated Elimination of Strictly Dominated Strategies