In game theory, the three key characteristics of a game are

Question

Quizplus · Accepted Answer

Rules establish the structure and limitations of the game, strategies refer to the choices made by players to achieve their objectives, and payoffs represent the outcomes or rewards for each player based on their strategies and the rules of the game. Therefore, A is the correct answer. B and C are incorrect because regulations and winners/losers are not necessary to define a game, and D is incorrect because penalties do not necessarily apply in every game.

In Game Theory, the Three Key Characteristics of a Game