Explore how backward induction helps solve game theory problems by working from the end backward to determine optimal actions ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

The 21 Game, at first glance, appears as a basic numerical challenge but quickly unravels into a complex lesson in strategic thinking and decision-making. In this game, two players take turns adding 1 ...

Just like planning the perfect weekend in a new city, backward induction lets you navigate your CX strategy with intention.

Have you ever played the 21 Game? It’s a deceivingly easy numbers game, which goes like this: Starting at 0, two players take turns adding 1, 2, or 3. For instance, the first player could start by ...

In game theory, games among strategic players that continue over time can often be solved by “backward induction”: Look at the outcome at the last stage of the game to figure out whether the players ...

It has been shown (Hart [2]) that the backward induction (or subgame-perfect) equilibrium of a perfect information game is the unique stable outcome for dynamic models consisting of selection and ...

In game theory, games among strategic players that continue over time can often be solved by “backward induction”: Look at the outcome at the last stage of the game to figure out whether the players ...