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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 if it's invariably strictly higher than the other strategy, for any profile of different players' actions. If a player contains a strictly dominant strategy, than he or she's going to invariably play it in equilibrium. Also, if one strategy is strictly dominant, than all others are dominated. for instance, within the prisoner's dilemma, every player contains a strictly dominant strategy.
What is the different monopolistic competition and perfect competition? Monopolistic Competition versus Perfect Competition Into the long-run equilibrium of a monopolistical
GAME Adding Numbers—Lose If Go to 100 or Over (Win at 99) In the second ver- sion, two players again take turns choosing a number be- tween 1 and 10 (inclusive), and a cumulati
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A priori knowledge usually enables us to decide that some coefficients must be zero in the particular equation, while they assume non-zero values in other equations of the system.
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
Matching Pennies Scenario To determine who is needed to try to to the nightly chores, 2 youngsters initial choose who are represented by "same" and who are represented by "diffe
Consider the following three games (Chicken, Matching Pennies, Stag Hunt): Chicken Player 2 Player 1 D V D -100;-100 10;-10 V -10; 10 -1;-1 Matching Pennies Pla
Consider two quantity-setting firms that produce a homogeneous good. The inverse demand function for the good is p = A - (q 1 +q 2 ). Both firms have a cost function C = q 2 (a
Evolutionary game theory provides a dynamic framework for analyzing repeated interaction. Originally modeled when "natural models" of fitness, a population might contains folks gen
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
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