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GAME 3 Bargaining
Two players A and B are chosen. Player A offers a split of a dollar (whole dimes only). If B agrees, both get paid the agreed coins and the game is over. If B refuses, it is B’s turn but now the sum is only 80 cents. If A accepts B’s offer, the two get paid the agreed coins. If A refuses, the game is over and neither gets anything.
Do this five times in succession with different pairs and the second-round totals falling successively to 70, 60, 50, and 40 cents. Keep a record of the successive outcomes.Again hold a brief discussion. The aim is to get the students to start thinking about rollback and subgame perfectness and,if the students understand these strategies but still don’t play them, why they don’t. Also, consider how the discrepancy changes with the second-round fraction.
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
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A bid that indicates totally different costs for various quantitites of the item offered for sale. A series of price-quantity mixtures is tendered to the auctioneer.
A class of games of imperfect data during which one player (the principal) tries to supply incentives to the opposite (the agent) to encourage the agent to act within the principal
WHAT IS DYNAMIC GAME MODEL
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
An auction during which many (more than one) things are offered for sale. Mechanisms for allocating multiple units embody discriminatory and uniform worth auctions.
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
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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