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A strategy is dominant if, no matter what the other players do, the strategy earns a player a bigger payoff than the other. Hence, a method is dominant if it's invariably higher than the other strategy, for any profile of different players' actions. Counting on whether or not "better" is outlined with weak or strict inequalities, the strategy is termed strictly dominant or weakly dominant. If one strategy is dominant, than all others are dominated. For instance, within the prisoner's dilemma, every player contains a dominant strategy.
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
A type of auction in which the highest bidder is rewarded the object, but all bidders pay the auctioneer their bids. This differs from traditional first price auctions in which onl
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.
A market mechanism during which an object, service, or set of objects is being purchased, instead of sold, to the auctioneer. The auction provides a selected set of rules which wil
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
This chapter introduces mixed strategies and the methods used to solve for mixed strategy equilibria. Students are likely to accept the idea of randomization more readily if they t
I have an assignment in which I have to invent a new international trade theory. For me, the absolute advantage of Adam Smith is really good, and I want to find a solution if a cou
A payoff offerd as a bequest for someone partaking in some activity that doesn't directly provide her with profit. Often, such incentives are given to beat the ethical hazard drawb
The interaction among rational, mutually aware players, where the choices of some players impacts the payoffs of others. A game is described by its players, every player's methods,
Stanley is auctioning an item that he values at zero. Betty and Billy, the two potential buyers, each have independent private values which are drawn from a uniform distribution, P
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