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Backward induction is an iterative procedure for resolving finite general form or sequential games. First, one decides the finest policy of the player who makes the last move of the game. Then, the optimal action of the next-to-last moving player is determined taking the last player's action as given. The procedure persists in this way backwards in time until all players' actions have been determined. Effectively, one determines the Nash equilibrium of each sub game of the original game.
Ship, Captain and Crew (sometimes called Ship, Captain and Mate) was a popular bar game played for drinks with five dice and throwing cup. Each player gets three throws. He has to
Consider the following three games (Chicken, Matching Pennies, Stag Hunt): Chicken Player 2 Player 1 D V D -100;-100 10;-10 V -10; 10 -1;-1 Matching Pennies Pla
Rollback (often referred to as backward induction) is an iterative method for solving finite in depth kind or sequential games. First, one determines the optimal strategy of the pl
A simultaneous game is one during which all players build choices (or choose a strategy) while not information of the methods that are being chosen by different players. Although t
How much time you want to spend on this material willdepend on the focus of your course. For many social sciencecourses, a general exposure to the ideas, based on a quick runthroug
James and Dean are playing the Chicken game. They have noticed that their payout for being perceived as "tough" depends on the size of the crowd. The larger the crowd, the "cooler"
Two people are involved in a dispute. Person 1 does not know whether person 2 is strong or weak; she assigns probability to person 2 being strong. Person 2 is fully informed. Each
A form of a Japanese auction (which is a form of an English auction) in which bidders hold down a button as the auctioneer frequently increases the current price. Bidders irrevocab
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
A participant in a very game who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on pa
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