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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
Cardinal payoffs are numbers representing the outcomes of a game where the numbers represent some continuum of values, such as money, market share or quantity. Cardinal payoffs per
While ancient auctions involve one seller and plenty of consumers, a reverse auction typically involves several sellers and one buyer. for instance, procurement auctions are used t
Two people are involved in a dispute. Person 1 does not know whether person 2 is strong or weak; she assigns probability to person 2 being strong. Person 2 is fully informed. Each
Explain oligopoly's structure and use game theory to explain why oligopoly firms tend not to use price to compete. Answer- Oligopoly is an imperfect market where there are
Yankee auction typically implies a multiunit discriminatory English auction. not like a Vickrey auction where every winning bidder pays identical worth for every unit, in a very ya
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
A static game is one during which all players build choices (or choose a strategy) simultaneously, while not information of the methods that are being chosen by different players.
Assuming that there are only 2 airline companies in the world, Delta and US Airways, what is the ((Nash) Equilibrium) or price that each company in the following matrix will charge
In any game, payoffs are numbers that represent the motivations of players. Payoffs might represent profit, quantity, "utility," or different continuous measures (cardinal payoffs)
A minimum bid is that the smallest acceptable bid in an auction. a gap bid, the primary bid placed within the auction, should be a minimum of as high because the minimum bid or the
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