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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. Alternately, in procurement auctions, a reserve worth is that the most acceptable bid. not like a minimum bid, a reserve worth might or might not be disclosed to the bidders and should amendment over the course of the auction.
Named when Vilfredo Pareto, Pareto potency (or Pareto optimality) may be alive of potency. An outcome of a game is Pareto economical if there's no different outcome that produces e
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
Backward induction is an iterative procedure for resolving finite general form or sequential games. First, one decides the finest policy of the player who makes the last move of th
You and an opponent are seated at a table, and on the table is a square board. At each of the four corners of the board, there is a disc, each one red on one side and black on the
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A type of trigger strategy sometimes applied to the repeated Prisoner's Dilemma during which a player responds in one amount with identical action her opponent utilized in the last
1. This question and the next is based on the following description. Consider the coalitional game (referred to as Game 1) given by: N = {1,2,3,4}; v(N) = 3, v{i} = 0, i = 1,...,4,
In many cases we are interested in only one (or a few) of the equations of the model and attempts to measure its parameters statistically without a complete knowledge of the entire
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A method by that players assume that the methods of their opponents are randomly chosen from some unknown stationary distribution. In every amount, a player selects her best respon
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