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A strategy is dominated if, no matter what the other players do, the strategy earns a player a smaller payoff than another strategy. Hence, a method is dominated if it's invariably higher to play another strategy, no matter what opponents might do. If a player contains a dominant strategy than all others are dominated, however the converse isn't invariably true. A strictly dominant strategy is usually played in equilibrium, and therefore strictly dominated methods never are. for instance, within the prisoner's dilemma, every player contains a dominated strategy. Equilibria exist with weakly dominated methods, however.
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 Dominant Strat
A type of sequential second worth auction, just like an English auction during which an auctioneer frequently raises the present worth. Participants should signal at each worth lev
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
A priori knowledge usually enables us to decide that some coefficients must be zero in the particular equation, while they assume non-zero values in other equations of the system.
While ancient auctions involve one seller and plenty of consumers, a reverse auction typically involves several sellers and one buyer. for instance, procurement auctions are used t
A common term for an English auction, a sort of sequential auction during which an auctioneer directs participants to beat the present, standing bid. New bids should increase the p
Eighteenth century British mathematician who recognized a method for probabilistic mathematical inference. His Bayes Theorem, published posthumously, treats probability as a logic.
A multiunit auction mechanism for assigning heterogeneous (different) objects. The highest bidder in the first round selects one item among those offered for sale. Then, a second r
The Cournot adjustment model, initial proposed by Augustin Cournot within the context of a duopoly, has players choose methods sequentially. In every amount, a firm selects the act
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