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What do meant by Monopolistic competition? Monopolistic competition is a market structure wherein: 1. There are several competing producers into an industry, 2. Every pro
GAME PLAYING IN CLASS There are several games that are appropriate for use on the first or second day of class. These games are simple but can be used to convey important poin
When players interact by enjoying an identical stage game (such because the prisoner's dilemma) varied times, the sport is termed an iterated (or repeated) game. not like a game pl
How much time you want to spend on this material willdepend on the focus of your course. For many social sciencecourses, a general exposure to the ideas, based on a quick runthroug
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
A mixed strategy during which the player assigns strictly positive chance to each pure strategy.Morgenstern, Oskar,Coauthor of Theory of Games and Economic Behavior with John von N
A sequential game is one during which players build choices (or choose a strategy) following an exact predefined order, and during which a minimum of some players will observe the
A collection of colluding bidders. Ring members comply with rig bids by agreeing to not bid against one another, either by avoiding the auction or by putting phony (phantom) bids
Scenario Two corporations should simultaneously elect a technology to use for his or her compatible merchandise. If the corporations adopt totally different standards, few sales
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 Nash Equilibri
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