Examlex
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Equilibrium Outcome
A state in a game where all players have chosen their strategies and no participant can gain by unilaterally changing their own strategy.
Prisoners' Dilemma
A scenario in game theory where individuals acting in their own self-interest pursue a course of action that does not result in the ideal outcome for any participant.
Maximin Strategy
A decision rule used in game theory and decision theory aiming to maximize the minimum payoff.
Dominant Strategies
A strategy in game theory that yields the best outcome for a player, no matter what the other players do.
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