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GAME 2 The Tire Story
Another game that we have successfully played in the first lecture is based on the “We can’t take the exam; we had a flat tire”. Even if the students have read ahead, the discussion in the text makes it clear that there is no obvious focal answer to the question,“Which tire?” Bring along a stack of index cards and, when you are ready to play this game, hand one card to each student. After relating the story, ask each student to pretend he is one of those taking the exam and must answer the tire question on the card. Collect the cards and tabulate the answers on the board. Start a discussion about why different students chose different tires; focus on the difficulties of obtaining a focal equilibrium when players have different backgrounds or concerns. You can also relate the discussion back to the material in the text regarding the necessity of being prepared to face a strategically savvy opponent at any time.
A type of trigger strategy sometimes applied to the repeated Prisoner's Dilemma during which a player responds in one amount with identical action her opponent utilized in the last
a) Define the term Nash equilibrium b) You are given the following pay-off matrix: Strategies for player 1 Strategies for player 2
Identification is a problem of model formultion, rather than inf nlnde! estimation or appraisal. We say a model is identified if it is in a unique statistical form, enabling unique
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Game Theory has evolved since its start as a thought exercise for academic mathematicians. Taught in economics departments , top business schools, and the strategic analysis, even
Not technically an auction, however a posted-price procedure during which the auctioneer sets a worth and sells to the primary bidder willing to pay it. The auction ends as soon as
On a picnic outing, 2 two-person teams are playing hide-and-seek. There are four hiding locations (A, B, C, and D), and the two members of the hiding team can hide separately in a
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what will be the best strategy for a bidder in an auction comprised of four bidders?
Eighteenth century Dutch mathematician codified the notion of expected utility as a revolutionary approach to risk. He noted that folks don't maximize expected returns however expe
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