๐ Iterated elimination of strictly dominated strategies is a concept in game theory.

๐ In the Prisoner's Dilemma, confessing is a strictly dominated strategy.

๐ Players may change their strategies based on what the other player is doing.

๐ฏ In game theory, players often have different strategies, but sometimes there is a dominant strategy that is always the best choice regardless of what the other player does.

๐ When there is no dominant strategy, we can use the concept of Iterated Elimination of Strictly Dominated Strategies to simplify the game and identify the best strategies for each player.

๐ In a more complex game with multiple strategies, the best strategy for a player depends on the chosen strategy of the other player, leading to different outcomes.

๐ Player 1 adapts their strategy based on Player 2's moves.

๐ง To solve the game, we analyze Player 2's strategies.

โ Playing 'Right' is never beneficial for Player 2.

๐ Player 2 should always play 'Center' because it yields a higher payoff than any other strategy.

๐ Player 1 should ignore 'Right' and focus on a smaller game with only two strategies when considering their move.

๐ Player 2's decision to never play 'Right' has implications for Player 1's strategy.

โก By iteratively eliminating strictly dominated strategies, we can simplify and focus on the optimal choices in a game.

๐ง Player 2's intelligence and knowledge of Player 1's intelligence help determine the optimal strategies.

๐ค Analyzing the game and smaller games allows for the identification of the best strategies.

๐ The key idea is to eliminate strategies that are always worse than others.

๐ค Player 2's optimal strategy is to always play 'Center'.

โ๏ธ Player 1's optimal strategy is to play 'Middle' and they both get 3 points each.

๐ The video discusses the concept of Iterated Elimination of Strictly Dominated Strategies (IESDS).

๐ IESDS involves a process of eliminating strategies that are strictly dominated by others.

๐งฉ Through IESDS, players can infer and eliminate strategies based on the intelligence of other players.

โ In game theory, if a strategy is strictly dominated, it should be eliminated immediately.

โ The order of eliminating strictly dominated strategies doesn't matter, as the other strategies will also be strictly dominated.

๐ Using the Iterated Elimination of Strictly Dominated Strategies (IESDS) can lead to a single outcome in a game.

๐ฏ Iterated Elimination of Strictly Dominated Strategies guarantees a single outcome.

โ Most games cannot be solved using Iterated Elimination of Strictly Dominated Strategies.

๐ The next video will discuss solving games without dominated strategies using 'Stag Hunt' and 'Pure Strategy - Nash Equilibrium'.

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