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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.
A multiunit auction mechanism for assigning heterogeneous (different) objects. The highest bidder in the first round selects one item among those offered for sale. Then, a second r
A subset or piece of a sequential game starting at some node such {that each that each} player is aware of each action of the players that moved before him at every purpose. Sub ga
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 practice analogous to price fixing in which auction members form a ring whose associates agree not to bid against each other, either by discarding the auction or by placing phony
The in depth kind (also referred to as a game tree) may be a graphical illustration of a sequential game. It provides data concerning the players, payoffs, strategies, and also the
A game is one among complete data if all factors of the sport are common information. Specifically, every player is awake to all different players, the timing of the sport, and als
Two people are involved in a dispute. Person 1 does not know whether person 2 is strong or weak; she assigns probability to person 2 being strong. Person 2 is fully informed. Each
Something in a very game is Mutual information if all players realize it. A seemingly straightforward concept, mutual information is insufficient to research most games, since it's
Players 1 and 2 are bargaining over how to split one dollar. Both players simultaneously name shares they would like to keep s 1 and s 2 . Furthermore, players' choices have to be
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
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