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Cardinal payoffs are numbers representing the outcomes of a game where the numbers represent some continuum of values, such as money, market share or quantity. Cardinal payoffs permit the theorist to vary the intensity or degree of payoffs, unlike ordinal payoffs, in which only the order of values is pivotal. For mixed, payoffs, strategy calculations must be cardinal.
Consider two quantity-setting firms that produce a homogeneous good. The inverse demand function for the good is p = A - (q 1 +q 2 ). Both firms have a cost function C = q 2 (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
1. The publishing industry in the country of Font, where the local currency is the stet, is dominated by two companies, the Arial Book Co. and Verdana Works Ltd.. Currently, both o
Rollback shows that Boeing chooses peace over war if Airbus enters, so Airbus will enter. Rollback equilibrium entails Airbus playing “Enter” and Boeing playing “Peace if entry”; e
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
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.
The best reply dynamic is usally termed the Cournot adjustment model or Cournot learning after Augustin Cournot who first proposed it in the context of a duopoly model. Each of two
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
1. (a) True or False: If a 2x2 game has a unique pure strategy Nash Equilibrium, then both players always have dominant strategies. (b) Draw a table representing the Prisoner.s Dil
a) Show that A counting proof could be fun(?). But any old proof will do. (Note that the coefficients (1,2,1) in the above are just the elements of the second row of Pas
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