Backward induction is a useful tool for:
A)finding an optimal strategy in a sequential game.
B)analyzing decisions in a prisoners' dilemma-type game.
C)finding an optimal strategy in a simultaneous game.
D)Backward induction is not useful in any of these situations.

Question

Quizplus · Accepted Answer

Backward induction is a method used in game theory to determine the optimal strategy in sequential games, where players make decisions one after another. It involves looking ahead to the end of the game and then reasoning backward, step by step, to determine the best action at each point.

Backward Induction Is a Useful Tool For