Introducing Game Theory: A Graphic Guide (Graphic Guides)

by Ivan Pastine

backward induction: you can figure out your opponent’s response to your possible actions and take that into consideration before making your own move.

It is also possible to create a version of the Exit Game where if both players stay in town, they still have the option of exiting at a later date. In that case the struggle can last a while, with huge losses accumulating over time. This is known as a war of attrition.