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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.
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GAME 2 The Tire Story Another game that we have successfully played in the first lecture is based on the “We can’t take the exam; we had a flat tire”. Even if the students hav
Equilibrium payoffs are (2, 3, 2). Player A’s equilib- rium strategy is “N and then N if b follows N or N if d follows N” or “Always N.” Player B’s equilibrium strategy is “b if N
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
Stanley is auctioning an item that he values at zero. Betty and Billy, the two potential buyers, each have independent private values which are drawn from a uniform distribution, P
(a) Equilibrium payoffs are (1, 0). Player A’s equilibrium strategy is S; B’s equilibrium strategy is “t if N.” For (a): Player A has two strategies: (1) N or (2) S. P
The best reply dynamic is usally termed the Cournot adjustment model or Cournot learning after Augustin Cournot who first proposed it in the context of a duopoly model. Each of two
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/are the Nash Equil
A type of initial worth auction during which a "clock" initially indicates a worth for the item for sale substantially beyond any bidder is probably going to pay. Then, the clock g
QUESTION ONE. (a) The probability that, a bomber hits a target on a bombing mission is 0.70 Three bombers are sent to bomb a particular target. (i) What is the probabilit
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