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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 drawback that arises thanks to imperfect data
Another term for a preserved bid auction in which bidders simultaneously submit bids to the auctioneer with no knowledge of the amount bid by other member. Usually, the uppermost b
I have an assignment in which I have to invent a new international trade theory. For me, the absolute advantage of Adam Smith is really good, and I want to find a solution if a cou
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
A strategy is dominated if, no matter what the other players do, the strategy earns a player a smaller payoff than another strategy. Hence, a method is dominated if it's invariably
Scenario Two conspirators are arrested and interrogated separately. If one implicates the opposite, he might go free whereas the opposite receives a life sentence. Yet, if each
In econometric theory two possibie situations of identifiability can arise: Equation under,consideration is identified or not identified: 1) Equation is under-identified-
A sequential game is one among imperfect data if a player doesn't grasp precisely what actions different players took up to that time. Technically, there exists a minimum of one da
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
Rollback equilibrium (b) In the rollback equilibrium, A and B vote For while C and D vote Against; this leads to payoffs of (3, 4, 3, 4). The complete equil
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
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