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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.
Consider the Cournot duopoly model in which two firms, 1 and 2, simultaneously choose the quantities they will sell in the market, q1 and q2. The price each receives for each unity
Backward induction is an iterative procedure for resolving finite general form or sequential games. First, one decides the finest policy of the player who makes the last move of th
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
Problem: Consider a (simplified) game played between a pitcher (who chooses between throwing a fastball or a curve) and a batter (who chooses which pitch to expect). The batter ha
An auction associates who submits offers (or bids) to sale or buy the goods being auctioned.
Games with Sequential Moves Most students find the idea of rollback very simple and natural, even without drawing or understanding trees. Of course, they start by being able to
Rollback equilibrium (b) In the rollback equilibrium, A and B vote For while C and D vote Against; this leads to payoffs of (3, 4, 3, 4). The complete equil
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
Not technically an auction, however a posted-price procedure during which the auctioneer sets a worth and sells to the primary bidder willing to pay it. The auction ends as soon as
1. The town of Sunnydale, CA is inhabited by two vampires, Spike and Anya. Each night Spike and Anya independently hunt for food, which each one finds with probability 1/2 . Becaus
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