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What are the important forms of product differentiation?
There are three significant forms of product differentiation, which are:
1. Differentiation through style or type – Sedans verses SUV’s
2. Differentiation through location – Dry cleaner near home verses cheaper dry-cleaner far away
3. Differentiation through quality – Ordinary ($) verses gourmet chocolate ($$$)
One charm of evolutionary game theory is that it permits for relaxation of the normal fully-informed rational actor assumption. People, or agents, are assumed to be myopic, within
A reserve worth is that the minimum acceptable bid in an auction. If no bidder submits a bid higher than the reserve worth, the auctioneer keeps the item offered for sale. Alternat
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
Not technically an auction, however a posted-price procedure during which the auctioneer sets a worth and sells to the primary bidder willing to pay it. The auction ends as soon as
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
Rollback shows that Boeing chooses peace over war if Airbus enters, so Airbus will enter. Rollback equilibrium entails Airbus playing “Enter” and Boeing playing “Peace if entry”; e
A sequential game is one during which players build choices (or choose a strategy) following an exact predefined order, and during which a minimum of some players will observe the
. 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 zero add game may be a special case of a continuing add game during which all outcomes involve a add of all player's payoffs of zero. Hence, a gain for one participant is usually
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