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A strategy is dominant if, no matter what the other players do, the strategy earns a player a bigger payoff than the other. Hence, a method is dominant if it's invariably higher than the other strategy, for any profile of different players' actions. Counting on whether or not "better" is outlined with weak or strict inequalities, the strategy is termed strictly dominant or weakly dominant. If one strategy is dominant, than all others are dominated. For instance, within the prisoner's dilemma, every player contains a dominant strategy.
Suppose that the incumbent monopolist, in the previous question, can decide (before anything else happens) to make an irreversible investment in extra Capacity (C), or Not (N). If
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
A non-credible threat may be a threat created by a player in a very Sequential Game which might not be within the best interest for the player to hold out. The hope is that the thr
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
Eighteenth century Dutch mathematician codified the notion of expected utility as a revolutionary approach to risk. He noted that folks don't maximize expected returns however expe
A trigger strategy sometimes applied to repeated prisoner's dilemmas during which a player begins by cooperating within the initial amount, and continues to cooperate till one defe
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
Another term for a preserved bid auction in which bidders simultaneously submit bids to the auctioneer with no knowledge of the amount bid by other member. Usually, the uppermost b
This version of Twenty-one is a card game played between a player and the dealer (the computer). The aim of the game is to accumulate a higher point total than the dealer but witho
Problem: Consider a (simplified) game played between a pitcher (who chooses between throwing a fastball or a curve) and a batter (who chooses which pitch to expect). The batter ha
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