π Iterated elimination of strictly dominated strategies is a concept in game theory.
π In the Prisoner's Dilemma, confessing is a strictly dominated strategy.
π Players may change their strategies based on what the other player is doing.
π― 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.
π 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.
π 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.
π Player 1 adapts their strategy based on Player 2's moves.
π§ To solve the game, we analyze Player 2's strategies.
β Playing 'Right' is never beneficial for Player 2.
π Player 2 should always play 'Center' because it yields a higher payoff than any other strategy.
π Player 1 should ignore 'Right' and focus on a smaller game with only two strategies when considering their move.
π Player 2's decision to never play 'Right' has implications for Player 1's strategy.
β‘ By iteratively eliminating strictly dominated strategies, we can simplify and focus on the optimal choices in a game.
π§ Player 2's intelligence and knowledge of Player 1's intelligence help determine the optimal strategies.
π€ Analyzing the game and smaller games allows for the identification of the best strategies.
π The key idea is to eliminate strategies that are always worse than others.
π€ Player 2's optimal strategy is to always play 'Center'.
βοΈ Player 1's optimal strategy is to play 'Middle' and they both get 3 points each.
π The video discusses the concept of Iterated Elimination of Strictly Dominated Strategies (IESDS).
π IESDS involves a process of eliminating strategies that are strictly dominated by others.
𧩠Through IESDS, players can infer and eliminate strategies based on the intelligence of other players.
β In game theory, if a strategy is strictly dominated, it should be eliminated immediately.
β The order of eliminating strictly dominated strategies doesn't matter, as the other strategies will also be strictly dominated.
π Using the Iterated Elimination of Strictly Dominated Strategies (IESDS) can lead to a single outcome in a game.
π― Iterated Elimination of Strictly Dominated Strategies guarantees a single outcome.
β Most games cannot be solved using Iterated Elimination of Strictly Dominated Strategies.
π The next video will discuss solving games without dominated strategies using 'Stag Hunt' and 'Pure Strategy - Nash Equilibrium'.
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