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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 strategy is weakly dominant if, no matter what the other players do, the strategy earns a player a payoff a minimum of as high as the other strategy, and, the strategy earns a st
Eighteenth century Dutch mathematician codified the notion of expected utility as a revolutionary approach to risk. He noted that folks don't maximize expected returns however expe
A general term for an English auction in which there is no reserve price, guaranteeing that the object will be sold to the highest bidder regardless of the quantity of the bid.
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
PROBABILITY AND EXPECTED UTILITY Most students know the elementary combinatorial rules for probability algebra and need only a refresher with some exam- ples. We have used card
a) Show that A counting proof could be fun(?). But any old proof will do. (Note that the coefficients (1,2,1) in the above are just the elements of the second row of Pas
This chapter introduces mixed strategies and the methods used to solve for mixed strategy equilibria. Students are likely to accept the idea of randomization more readily if they t
Perfect Nash equilibrium Two students prepare their homework assignment together for a course. They both enjoy getting high grade for their assignment, but they dislike workin
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
In a Variable add game, the add of all player's payoffs differs counting on the methods they utilize. this can be the other of a continuing add game during which all outcomes invol
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