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Treating probability as a logic, Thomas Bayes defined the following:
Pr(X|Y)=Pr(Y|X)Pr(X)/Pr(Y)
For example, probability that the weather was bad given that our friends played cricket can be calculated as:
Pr(play cricket in the rain)Pr(rain)/Pr(play cricket).
. 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
Game Theory has evolved since its start as a thought exercise for academic mathematicians. Taught in economics departments , top business schools, and the strategic analysis, even
Equilibrium payoffs are (4, 5). Player A’s equilibrium strategy is “S then S if n and then N if n again.” Player B’s equilibrium strategy is “n if S and then n if S again and then
1 A, Explain how a person can be free to choose but his or her choices are casually determined by past event 2 B , Draw the casual tree for newcomb's problem when Eve can't pe
The interaction among rational, mutually aware players, where the choices of some players impacts the payoffs of others. A game is described by its players, every player's methods,
The">http://www.expertsmind.com/questions/green-beard-strategy-30135520.aspx The same questions on this link.
In econometric theory two possibie situations of identifiability can arise: Equation under,consideration is identified or not identified: 1) Equation is under-identified-
Extraneous Estimates If some parameters are identified, while others are not and there exists information on their value from other (extraneous) sources, the researcher may pro
A sub game excellent Nash equilibrium is an equilibrium such that players' methods represent a Nash equilibrium in each sub game of the initial game. it should be found by backward
A multiunit auction mechanism for assigning heterogeneous (different) objects. The highest bidder in the first round selects one item among those offered for sale. Then, a second r
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