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The Process of Analyzing a Problem in Reverse-Starting with the Last

Question 118
Multiple Choice

The process of analyzing a problem in reverse-starting with the last choice,then the second-to-last choice,and so on,to determine the optimal strategy-is called: A) backward induction. B) backward thinking. C) forward thinking. D) backward working.

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Q 119
Backward induction involves: A) a process of analyzing a problem in reverse. B) thinking forward and working backward. C) starting with the last choice and working backward to determine an optimal strategy. D) All of these statements are true.
Q 120
Backward induction is a useful tool for: A) finding an optimal strategy in a sequential game. B) analyzing the decisions in a prisoner's dilemma-type game. C) finding an optimal strategy in a simultaneous game. D) Backward induction is useful in any of these games.
Q 121
A way to summarize the actions and payoffs of a sequential game is to use a: A) decision matrix. B) decision tree. C) payoff tree. D) flowchart.
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