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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 bid is an sign by a potential buyer of the price the buyer is ready to pay for the object being auctioned. In a Procurement Auction, the bid is an sign of the price a seller is
A uniform worth auction may be a multiunit auction during which each winning bidder pays identical worth, which can or might not be equal to the participants' bids. Alternatively,
A collection of colluding bidders. Ring members comply with rig bids by agreeing to not bid against one another, either by avoiding the auction or by putting phony (phantom) bids
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
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
Two animals are fighting over a prey. The prey is worth v to each animal. The cost of fighting is c1 for the first animal (player 1) and c2 for the second animal (player 2). If the
An equilibrium refinement provides how of choosing one or many equilibria from among several in a very game. several games might contain many Nash equilibria, and therefore supply
Consider a game in which player 1 chooses rows, player 2 chooses columns and player 3 chooses matrices. Only Player 3''s payoffs are given below. Show that D is not a best response
A type of auction in which the highest bidder is rewarded the object, but all bidders pay the auctioneer their bids. This differs from traditional first price auctions in which onl
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