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Payoff matrix
A payoff matrix is a table that describes the payoffs to each player in a
game for each possible combination of strategies.
Dominant strategy
A dominant strategy is a strategy that yields a player a higher payoff no
matter what the other players in a game choose.
Dominated strategy
A dominated strategy is any other strategy available to a player who
has a dominant strategy.
Nash equilibrium
A Nash equilibrium is a set of strategies, one for each player, in which
each players strategy is his or her best choice, given the other players
strategies.
Prisoners dilemma
The prisoners dilemma is a game in which each player has a dominant
strategy and, when each plays their dominant strategy, the resulting
payoffs are smaller than if each had played a dominated strategy.
Credible threat
A credible threat is a threat to take an action that is in the threateners
interest to carry out.
Credible promise
A credible promise is a promise to take an action that is in the
promisers interest to keep.
Commitment problem
A commitment problem is a situation in which people cannot achieve
their goals because of an inability to make credible threats or promises.
Commitment device
A commitment device is a way of changing incentives so as to make
otherwise empty threats or promises credible. Psychological devices (e.g.
guilt, sympathy, justice, honour) are effective if peoples character can be
accurately judged.