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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 multiunit auction mechanism for assigning heterogeneous (different) objects. The highest bidder in the first round selects one item among those offered for sale. Then, a second r
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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
Perfect Nash equilibrium Two students prepare their homework assignment together for a course. They both enjoy getting high grade for their assignment, but they dislike workin
A set of colluding bidders. Ring participants agree to rig bids by agreeing not to bid against each other, either by avoiding the auction or by placing phony (phantom) bids.
Paired Prisoners' Dilemma Students can be paired off and instructed to play several ver-sions of a particular game with a prisoners' dilemma structure.Provide each pair with a
In a repeated game it is often unspecified that players move concurrently at predefined time intervals. However, if few players update their policies at different time intervals, t
1. This question and the next is based on the following description. Consider the coalitional game (referred to as Game 1) given by: N = {1,2,3,4}; v(N) = 3, v{i} = 0, i = 1,...,4,
This is Case of Competitive Games. Player 2 L R Player 1 L (60,40) (70,30) R (65,35) (60,40) Are either have dominant st
Take a news story, old or recent, and analyze it from a game theoretic perspective. Provide a hard copy of the source of your news story and consult relevant game theoretic literat
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