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Game Theory:
(prisoner's dilemma) Consider the following 2 x 2 pricing game, where rms choose whether to price High or Low simultaneously. Find the equilibrium in dominant strategies.
(coordination game) Consider the following 2 x 2 coordination game, where two rms (Firm A and Firm B) simultaneously choose product standard A or B. The payo matrix is given by
Find all Nash equilibria of this game.
(early-mover advantage) Again the two rms play the above coordination game. But now suppose Firm A moves rst. After observing Firm A's choice, Firm B subsequently chooses A or B. Draw the extensive form (game tree) of this game. Use backwards induction to identify the (subgame perfect) equilibrium.
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#Dominance method#
A general term for an English auction in which there is no reserve price, guaranteeing that the object will be sold to the highest bidder regardless of the quantity of the bid.
One charm of evolutionary game theory is that it permits for relaxation of the normal fully-informed rational actor assumption. People, or agents, are assumed to be myopic, within
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
Equilibrium payoffs a) The reward system changes payoffs for Player A, but does not change the equilibrium strategies in the game. Player A still takes the money at the fir
what are the theories of financial crisis
This version of Twenty-one is a card game played between a player and the dealer (the computer). The aim of the game is to accumulate a higher point total than the dealer but witho
What do you study about the saving, investment spending and financial system? Savings, Investment Spending, and the Financial System: 1. The correlation between savings and
Two individuals (i ∈ {1, 2}) work independently on a joint project. They each independently decide how much e ort ei they put. E ort choice has to be any real number between 0 and
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