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A biotechnology company is constantly faced with important decisions that are likely to have severe consequences for the future of the company. They need to make efficient, fast decisions that set the direction of the company. The top managers should do which of the following?
Payoff
The return or reward received from an investment or action.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal given the strategies of all other players, leading to a situation where no player can benefit by changing strategies unilaterally.
Dominant Strategy
A strategy in game theory that yields the best outcome for a player, regardless of what strategies other players choose.
Nash Equilibrium
A concept in game theory where each player's strategy is optimal, given the strategies of other players, and no player has an incentive to deviate unilaterally.
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