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Eighteenth century Dutch mathematician codified the notion of expected utility as a revolutionary approach to risk. He noted that folks don't maximize expected returns however expected utility. He is also credited for recognizing the notion of diminishing returns (each extra item is price but the last) and demonstrating the St. Petersburg Paradox.
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
Computer Game Zenda This game was invented by James Andreoni and Hal Varian; see their article, "Pre-Play Contracting in the Prisoners 'Dilemma".The paper also contains some co
On a picnic outing, 2 two-person teams are playing hide-and-seek. There are four hiding locations (A, B, C, and D), and the two members of the hiding team can hide separately in a
Games with Strat e gic M ov es The ideas in this chapters can be brought to life and the students can better appreciate the subtleties of various strategic moves an
Game Theory has evolved since its origins as an idea exercise for educational mathematicians. Taught in prime business faculties, economics departments, and even military academies
1. Two firms, producing an identical good, engage in price competition. The cost functions are c 1 (y 1 ) = 1:17y 1 and c 2 (y 2 ) = 1:19y 2 , correspondingly. The demand functi
The Prisoners’ Dilemma Game The idea that tacit cooperation can be sustained in an ongoing relationship is very simple and students easily accept it. The formal analysis
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
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
Find Pure Nash Equilibria 1. Consider a two-player game in which player 1 chooses the strategy x 1 from the closed interval [-1, 1] while player 2 chooses the strategy x 2 fr
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