Y9 - Game Theory - Lesson 4 - The Monty Hall Problem

True or False:

• Game theory is used by computer scientists, mathematicians and economists to try and see how rational humans would behave in certain scenarios.

• True

• False

In game theory, a situation in which one player can gain only what another players loses is called a:

• Non zero-sum game

• Prisoners' dilemma

• Zero-sum game

Which of the following is a non zero-sum game?

• Prisoners' dilemma

• Chess

• Poker

What is the name of the famous example of game theory?

• Nash Equilibrium

• Prisoner's Dilemma

• The Monty Hall Problem

Using the payoff matrix, if Company A advertises, what is the best strategy for Company B?

• Don't Advertise

• Advertise

Using the payoff matrix, if both companies choose to advertise what would each companies profit margin be?

• £1m

• £5m

• £3M

True or False:

You can have a win-win scenario in a zero-sum game.

• True

• False

What is a definition of Nash Equilibrium?

• Where no players can improve their outcomes by change of strategy as long as others remain unchanged.

• The best outcome with the most beneficial outcome for all players even if they can change their strategy

• A game that cannot be win-win, the winnings of the winning players are paid by the losses of the losing players

Having an advantage over the opponent so you cannot lose no matter what the opponents strategy is called?

• Dominant Strategy

• Zero-Sum Game

• Nash Equilibrium

In the payoff matrix 'A' is a Nash Equilibrium as neither prisoner can better their situation by changing strategy.

• True

• False