Under a mixed strategy,
A)players move sequentially.
B)a player chooses among two or more pure strategies according to pre-specified probabilities.
C)the players may never reach a Nash equilibrium.
D)players obtain lower payoffs than in a pure strategy equilibrium.

Question

Quizplus · Accepted Answer

Under a mixed strategy, players choose among two or more pure strategies according to pre-specified probabilities. This allows for a broader range of possible outcomes and can sometimes lead to a Nash equilibrium with higher payoffs for the players. In a mixed strategy, players choose among two or more pure strategies with pre-specified probabilities. This allows for a greater level of unpredictability and can potentially lead to a Nash equilibrium. Therefore, B is the best choice. A is incorrect because players may move simultaneously or randomly, and not necessarily sequentially. C is incorrect because it is possible for players to reach a Nash equilibrium under a mixed strategy. D is incorrect because mixed strategies can lead to higher payoffs for players compared to a pure strategy equilibrium.

Under a Mixed Strategy