Weakly dominated strategy

Definition

A weakly dominated strategy is a strategy in a game that results in outcomes at least as good as another strategy for a player, regardless of what the other players choose, and sometimes better. This means that there is no scenario in which the weakly dominated strategy performs better than the dominating strategy, but it can perform equally well in some cases. Understanding weakly dominated strategies is crucial when analyzing game situations, as players should consider eliminating these strategies to optimize their decision-making.

5 Must Know Facts For Your Next Test

1. Weakly dominated strategies can lead to less optimal outcomes for players, as they may miss opportunities to maximize their payoffs.
2. Players should consider removing weakly dominated strategies from their decision set since they do not provide a competitive advantage.
3. Weakly dominated strategies can occur in various types of games, including both cooperative and non-cooperative settings.
4. In some cases, recognizing weakly dominated strategies can help players simplify complex strategic interactions.
5. The concept of weakly dominated strategies is essential for understanding more advanced topics like mixed strategies and strategic behavior.

Review Questions

• How does a weakly dominated strategy differ from a strictly dominated strategy in terms of player outcomes?
  • A weakly dominated strategy allows for the possibility of achieving the same payoff as another strategy in some scenarios, while a strictly dominated strategy will always result in a worse outcome compared to another option. This difference means that players may still choose a weakly dominated strategy under certain conditions if it yields equal payoffs, whereas they should never choose a strictly dominated strategy since it consistently leads to inferior outcomes.
• Discuss how identifying weakly dominated strategies can influence a player's decision-making process in strategic games.
  • Identifying weakly dominated strategies allows players to refine their choices and focus on strategies that have the potential for better payoffs. By eliminating these less effective strategies, players can streamline their options and enhance their ability to react to opponents' moves. This understanding also enables players to approach the game with more confidence and clarity, ultimately improving their strategic position.
• Evaluate the implications of weakly dominated strategies for predicting outcomes in complex strategic interactions among multiple players.
  • Weakly dominated strategies have significant implications for predicting outcomes in multi-player games because they can affect overall player behavior and choices. When players recognize and discard these strategies, it can lead to more predictable patterns of play based on rational decision-making. Additionally, this evaluation can uncover deeper insights into how different player types might react when faced with various strategic options, ultimately influencing the equilibrium of the game.

Related terms

dominant strategy: A dominant strategy is a strategy that results in the highest payoff for a player, regardless of what the other players do.

Nash equilibrium:

Nash equilibrium is a situation in a game where each player's strategy is optimal given the strategies chosen by the other players, and no player has anything to gain by changing only their own strategy.

strictly dominated strategy: A strictly dominated strategy is one that always results in a worse payoff than another strategy, no matter what the other players do.