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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 person can either fight or yield. Each person obtains a payoff of 0 if she yields (regardless of the other persons action) and a payoff of 1 if she fights and her opponent yields. If both people fight then their payoffs are (-1, 1) if person 2 is strong and (1,-1) if person 2 is weak. Formulate the situation as a Bayesian game and find its Bayesian equilibria if < 1/2 and if > 1/2 .
A practice analogous to price fixing in which auction members form a ring whose associates agree not to bid against each other, either by discarding the auction or by placing phony
Two individuals (i ∈ {1, 2}) work independently on a joint project. They each independently decide how much e ort ei they put. E ort choice has to be any real number between 0 and
What are the important forms of product differentiation? There are three significant forms of product differentiation, which are: 1. Differentiation through style or type –
An outcome of a game is Pareto dominated if another outcome would build a minimum of one player at an advantage while not hurting the other player. That is, another outcome is weak
One charm of evolutionary game theory is that it permits for relaxation of the normal fully-informed rational actor assumption. People, or agents, are assumed to be myopic, within
GAME 5 All-Pay Acution of $10 Everyone plays. Show the students a $10 bill, and announce that it is the prize; the known value of the prize guarantees that there is no winer’s
Matches or different objects are organized in 2 or a lot of piles. Players alternate removing some or all of the matches from anyone pile. The player to get rid of the last match w
. A bid is an sign by a potential buyer of the price the buyer is ready to pay for the object being auctioned. In a Procurement Auction, the bid is an sign of the price a seller is
Identification may be established either by the examination of the specification of the structural model, or by the examination of the reduced form of the model. Traditionally
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