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"Assurance game" is a general name for the game more commonly known as "Stag Hunt." The French philosopher, Jean Jacques Rousseau, presented the subsequent circumstances. Two hunters can moreover jointly hunt a stag (an adult deer and quite large meal) or individually hunt a rabbit (tasty, but significantly less filling). Hunting stags is quite difficult and need mutual cooperation. If either hunts a stag alone, the chance of victory is negligible. Hunting stags is most advantageous for society but needs a ample of trust amid its members.
Description
There are two pure policy equilibria. Both players favor one equilibrium to the other - it is both Pareto optimal and Hicks optimal. However, the incompetent equilibrium is less risky as the payoff variance over the other player's strategies is lower. Specifically, one equilibrium is payoff-dominant while the other is risk-dominant.
Example
Firm 2
invest
don't
Firm 1
10,10
-50,0
0,-50
0,0
Player 2
L
R
Player 1
U
I,V
II,VI
D
III,VII
IV,VIII
Where the following relations hold: I> III >= IV > II V > VI >= VIII> VII
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
How do I eliminate weakly dominated strategy
Tower defense - is a subgenre of real-time strategy games. The goal of tower defense games is to try to stop enemies from crossing a map by building towers which shoot at them as t
A heuristic is an aid to learning, casually brought up as a rule of thumb. Formally, a heuristic may be a mechanism capable of altering its internal model of the surroundings in re
A form of a Japanese auction (which is a form of an English auction) in which bidders hold down a button as the auctioneer frequently increases the current price. Bidders irrevocab
Discussion in the preceding section suggests that if we want to measure a given hnction belonging to a simultaneous-equations model, the hnction must be fairly stable over the samp
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The best reply dynamic is usally termed the Cournot adjustment model or Cournot learning after Augustin Cournot who first proposed it in the context of a duopoly model. Each of two
what will be the best strategy for a bidder in an auction comprised of four bidders?
An item of information of data in a very game is common grasp ledge if all of the players realize it (it is mutual grasp ledge) and every one of the players grasp that each one dif
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