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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, and also the ensuing payoffs from every outcome. Additionally, in sequential games, the sport stipulates the timing (or order) of moves.
Extraneous Estimates If some parameters are identified, while others are not and there exists information on their value from other (extraneous) sources, the researcher may pro
Consider the following three games (Chicken, Matching Pennies, Stag Hunt): Chicken Player 2 Player 1 D V D -100;-100 10;-10 V -10; 10 -1;-1 Matching Pennies Pla
Rollback shows that Boeing chooses peace over war if Airbus enters, so Airbus will enter. Rollback equilibrium entails Airbus playing “Enter” and Boeing playing “Peace if entry”; e
Identification is closely related to the estimation of the model. If an equation is identified, its coefficient can, in general, be statistically estimated. In particula
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
Perfect Nash equilibrium Two students prepare their homework assignment together for a course. They both enjoy getting high grade for their assignment, but they dislike workin
Equilibrium payoffs are (4, 5). Player A’s equilibrium strategy is “S then S if n and then N if n again.” Player B’s equilibrium strategy is “n if S and then n if S again and then
A strategy is strictly dominant if, no matter what the other players do, the strategy earns a player a strictly higher payoff than the other. Hence, a method is strictly dominant i
Find Pure Nash Equilibria 1. Consider a two-player game in which player 1 chooses the strategy x 1 from the closed interval [-1, 1] while player 2 chooses the strategy x 2 fr
An outcome of a game is Pareto dominated if another outcome would build a minimum of one player at an advantage while not hurting the other player. That is, another outcome is weak
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