Game Theory: An Introduction to Payoff Matrices and the Prisoner's Dilemma Game

The video introduces game theory, focusing on the basic elements and assumptions, such as players, rules, and payoffs. It explains the two by two payoff matrix, a fundamental tool in analyzing game outcomes. The prisoner's dilemma is used as a key example to illustrate strategic decision-making and the concept of interdependency. The video further explores the dominant strategy and Nash equilibrium, highlighting their significance in game theory. It concludes by suggesting more complex applications of these concepts in future lectures.

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