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A class of games of imperfect data during which one player (the principal) tries to supply incentives to the opposite (the agent) to encourage the agent to act within the principal's best interest. Often, such incentives are given to beat the ethical hazard drawback during which the agent has inadequate incentives to perform.
A form of a Japanese auction (which is a form of an English auction) in which bidders hold down a button as the auctioneer frequently increases the current price. Bidders irrevocab
1. This question and the next is based on the following description. Consider the coalitional game (referred to as Game 1) given by: N = {1,2,3,4}; v(N) = 3, v{i} = 0, i = 1,...,4,
GAME 4 Auctioning a Penny Jar (Winner’s Curse) Show a jar of pennies; pass it around so each student can have a closer look and form an estimate of the contents. Show the stud
A uniform worth auction may be a multiunit auction during which each winning bidder pays identical worth, which can or might not be equal to the participants' bids. Alternatively,
You and an opponent are seated at a table, and on the table is a square board. At each of the four corners of the board, there is a disc, each one red on one side and black on the
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
. A bid is an sign by a potential buyer of the price the buyer is ready to pay for the object being auctioned. In a Procurement Auction, the bid is an sign of the price a seller is
Experimental economics is bothered with utilizing laboratory experiments to realize understanding of how cognition, memory, and heuristics have an effect on behavior of individuals
Computer Game Zenda This game was invented by James Andreoni and Hal Varian; see their article, "Pre-Play Contracting in the Prisoners 'Dilemma".The paper also contains some co
How do I eliminate weakly dominated strategy
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