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Nineteenth century French economist attributed with the introduction of the theory of profit maximizing producers. In his masterpiece, The Recherches, published in 1838, Cournot presented his idea of oligopoly, monopoly, and ideal competition. In demonstrating the equilibrium of his oligopoly game, Cournot introduced a form of best-reply dynamics; in which each firm decide the quantity that maximizes its profit in answer to the total industry output of the earlier period.
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
how do I?
Treating probability as a logic, Thomas Bayes defined the following: Pr(X|Y)=Pr(Y|X)Pr(X)/Pr(Y) For example, probability that the weather was bad given that our friends playe
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
Identification is closely related to the estimation of the model. If an equation is identified, its coefficient can, in general, be statistically estimated. In particula
A strategy is weakly dominant if, no matter what the other players do, the strategy earns a player a payoff a minimum of as high as the other strategy, and, the strategy earns a st
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
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
Suppose that the incumbent monopolist, in the previous question, can decide (before anything else happens) to make an irreversible investment in extra Capacity (C), or Not (N). If
Exercise 1 a) Pure strategy nash equilibrium in this case is Not Buy, bad ( 0,0) as no one wants to deviate from this strategy. b) The player chooses buy in the first perio
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