Game theory, Game Theory

What is Game Theory?
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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

James and Dean are playing the Chicken game. They have noticed that their payout for being perceived as "tough" depends on the size of the crowd. The larger the crowd, the "cooler"

A participant in a very game who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on pa

Named when Vilfredo Pareto, Pareto potency (or Pareto optimality) may be alive of potency. An outcome of a game is Pareto economical if there's no different outcome that produces e

Scenario Two corporations should simultaneously elect a technology to use for his or her compatible merchandise. If the corporations adopt totally different standards, few sales

An auction during which the bidder who submitted the very best bid is awarded the item being sold and pays a worth equal to the number bid. Alternately, in a very procurement aucti

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

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

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