What is a weak dominant strategy?
Strategy A weakly dominates strategy B if (1) A never provides a lower payoff than B against all combinations of opposing strategies and (2) there exists at least one combination of strategies for which the payoffs for A and B are equal. A ‘Dominant Strategy’ in game theory refers to a strategy that always yields a better payoff than any other strategy a player may choose. It is a solution for the game and guarantees a higher payoff for the player.Strictly dominated strategy: A strategy that always delivers a worse outcome than an alternative strategy, regardless of what strategy the opponent chooses. Players will anticipate a player with a strictly dominated strategy will never play it and choose their actions accordingly.
What are the 4 levels of strategy?
In this concise yet comprehensive guide, we break down the four crucial levels of strategy—Corporate, Business, Functional, and Operational. Understanding and implementing these strategies can align your teams and work towards common goals, driving your company closer to its overarching vision. Today, we’ll explore the five types of strategic management – linear, adaptive, interpretive, expressive, and transcendent – and their respective advantages, nuances, and challenges.