What is meant by iterated dominance?
A)It refers to the process of co-operation among players to maximize the total payoff.
B)It refers to the elimination of a strategy that is dominated by another strategy in a game.
C)It refers to games in which players make decisions in a sequential manner.
D)It is a strategy that is employed by one player without observing the strategies of other players.

Question

Quizplus · Accepted Answer

Iterated dominance is a process of eliminating dominated strategies in a game. It involves removing strategies that are dominated by another strategy, which means they can never be the best choice for the player, regardless of what the other players do. This process continues until a unique outcome is reached or the set of possible outcomes is reduced to a single point. Therefore, option B is the correct answer.

What Is Meant by Iterated Dominance