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Another term for a preserved bid auction in which bidders simultaneously submit bids to the auctioneer with no knowledge of the amount bid by other member. Usually, the uppermost bidder (or lowest bidder in a procurement auction) is declared the winner. The winner pays either the amount bid (a first price auction) or an amount equal to the next highest bid (a second price auction).
A reserve worth is that the minimum acceptable bid in an auction. If no bidder submits a bid higher than the reserve worth, the auctioneer keeps the item offered for sale. Alternat
Two people are engaged in a joint project. If each person i puts in the effort xi, the outcome of the project is worth f(x1, x2). Each person’s effort level xi is a number between
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
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
A bidding increment is defined by the auctioneer as the least amount above the previous bid that a new bid must be in order to be adequate to the auctioneer. For example, if the in
what is cooperative game model
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
This condition is based on a counting rule of the variables included and excluded from the particular equation. It is a necessary but no sufficient condition for the identi
GAME 4 Auctioning a Penny Jar (Winner’s Curse) Show a jar of pennies; pass it around so each student can have a closer look and form an estimate of the contents. Show the stud
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
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