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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.
Eighteenth century British mathematician who recognized a method for probabilistic mathematical inference. His Bayes Theorem, published posthumously, treats probability as a logic.
Leadership in an Oil Production Game Students can be broken into pairs to play this game once, witheach student's representing one country; then each shouldswitch partners and
Consider the Cournot duopoly model in which two firms, 1 and 2, simultaneously choose the quantities they will sell in the market, q1 and q2. The price each receives for each unity
Limitations of game theory in finance
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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
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