Backward induction in an extensive form game

A) allows the players to alter their strategies as the game is being played.
B) is used to determine the Nash equilibrium of a game.
C) is used to identify the decision nodes of a repeated game.
D) is used primarily to establish whether players should compete or cooperate.

Backward Induction

A method used in game theory and decision-making processes that involves reasoning backwards from the end of a problem or scenario to determine a sequence of optimal actions.

Extensive Form

A representation of a game that displays the sequences of choices available to players, including their possible strategies and outcomes.

Nash Equilibrium

A concept in game theory where no player can gain by changing their strategy while the other players keep theirs unchanged, indicating optimal decision-making among competitors.