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"Assurance game" is a general name for the game more commonly known as "Stag Hunt." The French philosopher, Jean Jacques Rousseau, presented the subsequent circumstances. Two hunters can moreover jointly hunt a stag (an adult deer and quite large meal) or individually hunt a rabbit (tasty, but significantly less filling). Hunting stags is quite difficult and need mutual cooperation. If either hunts a stag alone, the chance of victory is negligible. Hunting stags is most advantageous for society but needs a ample of trust amid its members.
Description
There are two pure policy equilibria. Both players favor one equilibrium to the other - it is both Pareto optimal and Hicks optimal. However, the incompetent equilibrium is less risky as the payoff variance over the other player's strategies is lower. Specifically, one equilibrium is payoff-dominant while the other is risk-dominant.
Example
Firm 2
invest
don't
Firm 1
10,10
-50,0
0,-50
0,0
Player 2
L
R
Player 1
U
I,V
II,VI
D
III,VII
IV,VIII
Where the following relations hold: I> III >= IV > II V > VI >= VIII> VII
A non-credible threat may be a threat created by a player in a very Sequential Game which might not be within the best interest for the player to hold out. The hope is that the thr
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The following is a payoff matrix for a non-cooperative simultaneous move game between 2 players. The payoffs are in the order (Player 1; Player 2): What is the Nash Equilibri
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A strategy is dominated if, no matter what the other players do, the strategy earns a player a smaller payoff than another strategy. Hence, a method is dominated if it's invariably
The most basic version of a LIV allows the executive office holder (Governor or President) to accept part of a bill passed by the legislature (so that part becomes law) and to veto
Consider the situation in which Player M is an INCUMBENT monopolist in an industry, which makes a profit of $10m if left to enjoy its privileged position undisturbed. Player P is a
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