Rationality , Game Theory

 

One of the foremost common assumptions created in game theory (along with common information of rationality). In its mildest kind, rationality implies that each player is motivated by maximizing his own payoff. in a very stricter sense, it implies that each player invariably maximizes his utility, therefore having the ability to perfectly calculate the probabilistic results of each action.

 

Posted Date: 7/21/2012 5:03:10 AM | Location : United States







Related Discussions:- Rationality , Assignment Help, Ask Question on Rationality , Get Answer, Expert's Help, Rationality Discussions

Write discussion on Rationality
Your posts are moderated
Related Questions
Evolutionary game theory provides a dynamic framework for analyzing repeated interaction. Originally modeled when "natural models" of fitness, a population might contains folks gen

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"

Named when Vilfredo Pareto, Pareto optimality may be alive of potency. An outcome of a game is Pareto optimal if there's no different outcome that produces each player a minimum of


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 class of games of imperfect data during which one player (the principal) tries to supply incentives to the opposite (the agent) to encourage the agent to act within the principal

Explain oligopoly's structure and use game theory to explain why oligopoly firms tend not to use price to compete. Answer- Oligopoly is an imperfect market where there are

Consider the situation in which Player M is an INCUMBENT monopolist in an industry, which makes a profit of $10m if left to enjoy its privileged position undisturbed. Player P is a

Games with Sequential Moves Most students find the idea of rollback very simple and natural, even without drawing or understanding trees. Of course, they start by being able to

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,