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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.
Limitations of game theory in finance
a) Define the term Nash equilibrium b) You are given the following pay-off matrix: Strategies for player 1 Strategies for player 2
A sub game excellent Nash equilibrium is an equilibrium such that players' methods represent a Nash equilibrium in each sub game of the initial game. it should be found by backward
Equilibrium payoffs a) The reward system changes payoffs for Player A, but does not change the equilibrium strategies in the game. Player A still takes the money at the fir
A strategy is strictly dominant if, no matter what the other players do, the strategy earns a player a strictly higher payoff than the other. Hence, a method is strictly dominant i
The interaction among rational, mutually aware players, where the choices of some players impacts the payoffs of others. A game is described by its players, every player's methods,
What are the important forms of product differentiation? There are three significant forms of product differentiation, which are: 1. Differentiation through style or type –
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
Game 1 Color Coordination (with Delay) This game should be played twice, once without the delay tactic and once with it, to show the difference between out- comes in the s
A non-credible threat may be a threat created by a player in a very Sequential Game which might not be within the best interest for the player to hold out. The hope is that the thr
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