What are the three characteristics of a game in game theory?

Question

Quizplus · Accepted Answer

The three characteristics of a game in game theory are rules, strategies, and payoffs. Rules establish the parameters of the game, strategies are the choices the players make, and payoffs are the outcomes or rewards resulting from the strategies chosen. Option B is incorrect because regulations are not a characteristic of a game in game theory. Option C is incorrect because winners and losers are outcomes, not characteristics, and rules have already been listed. Option D is also incorrect because risks and rewards are only a part of the payoffs characteristic, and penalties are not necessarily always present in games.

What Are the Three Characteristics of a Game in Game