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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.
1. Two firms, producing an identical good, engage in price competition. The cost functions are c 1 (y 1 ) = 1:17y 1 and c 2 (y 2 ) = 1:19y 2 , correspondingly. The demand functi
What do you study about the saving, investment spending and financial system? Savings, Investment Spending, and the Financial System: 1. The correlation between savings and
Two people are involved in a dispute. Person 1 does not know whether person 2 is strong or weak; she assigns probability to person 2 being strong. Person 2 is fully informed. Each
A payoff offerd as a bequest for someone partaking in some activity that doesn't directly provide her with profit. Often, such incentives are given to beat the ethical hazard drawb
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
This is Case of Competitive Games. Player 2 L R Player 1 L (60,40) (70,30) R (65,35) (60,40) Are either have dominant st
GAME 5 All-Pay Acution of $10 Everyone plays. Show the students a $10 bill, and announce that it is the prize; the known value of the prize guarantees that there is no winer’s
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
Description The simplest of William Poundstone's social dilemmas during which the every player contains a dominant strategy and also the equilibrium is Pareto optimal. the sole
Ship, Captain and Crew (sometimes called Ship, Captain and Mate) was a popular bar game played for drinks with five dice and throwing cup. Each player gets three throws. He has to
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