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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.
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
How much time you want to spend on this material willdepend on the focus of your course. For many social sciencecourses, a general exposure to the ideas, based on a quick runthroug
A trigger strategy sometimes applied to repeated prisoner's dilemmas during which a player begins by cooperating within the initial amount, and continues to cooperate till one defe
In many cases we are interested in only one (or a few) of the equations of the model and attempts to measure its parameters statistically without a complete knowledge of the entire
"Assurance game" is a general name for the game more commonly known as "Stag Hunt." The French philosopher, Jean Jacques Rousseau, presented the subsequent circumstances. Two hunte
An auction during which many (more than one) things are offered for sale. Mechanisms for allocating multiple units embody discriminatory and uniform worth auctions.
What do meant by Monopolistic competition? Monopolistic competition is a market structure wherein: 1. There are several competing producers into an industry, 2. Every pro
a) Define the term Nash equilibrium b) You are given the following pay-off matrix: Strategies for player 1 Strategies for player 2
Nineteenth century French economist attributed with the introduction of the theory of profit maximizing producers. In his masterpiece, The Recherches, published in 1838, Cournot pr
A method by that players assume that the methods of their opponents are randomly chosen from some unknown stationary distribution. In every amount, a player selects her best respon
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