Iterative deletion is a method used in game theory to determine the strategies that are most likely to succeed in a repeated game. It involves eliminating strategies that are deemed to be weak or dominated by other strategies.
Iterative deletion works by starting with a set of strategies and then systematically eliminating strategies that are dominated by others. This process continues until only a set of strategies remain that are not dominated by any others.
The purpose of using iterative deletion in game theory is to determine the set of strategies that are most likely to succeed in a repeated game. This allows players to make more informed decisions and potentially gain an advantage over their opponents.
Iterative deletion differs from other methods used in game theory, such as Nash equilibrium, in that it takes into account the repeated nature of the game. It is specifically designed to find strategies that are successful in a repeated game, rather than just a one-time game.
One limitation of using iterative deletion in game theory is that it assumes all players have complete information about the game and the strategies of their opponents. In reality, this may not always be the case. Additionally, some critics argue that iterative deletion can be too restrictive and may not always lead to the most optimal outcome.