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Consider the Cournot duopoly model in which two rms, 1 and 2, simultaneously choose the quantities they will sell in the market, q1 and q2. The price each receives for each unity given these quantities is P(q1; q2) = a b(q1 + q2). Suppose that each rm has probability of having unit costs of cL and (1 - μ) of having unit costs of cH, where cH > cL. Solve for the Bayesian Nash equilibrium.
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
Borel was maybe the primary to outline the notion of games of strategy. He printed many papers on poker, incorporating themes of imperfect data and credibility. Whereas his writing
Two animals are fighting over a prey. The prey is worth v to each animal. The cost of fighting is c1 for the first animal (player 1) and c2 for the second animal (player 2). If the
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
Experimental economics is bothered with utilizing laboratory experiments to realize understanding of how cognition, memory, and heuristics have an effect on behavior of individuals
When players interact by enjoying an identical stage game (such because the prisoner's dilemma) varied times, the sport is termed an iterated (or repeated) game. not like a game pl
A static game is one during which all players build choices (or choose a strategy) simultaneously, while not information of the methods that are being chosen by different players.
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
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
scenario A wife and husband ready to meet this evening, but cannot remember if they will be attending the opera or a boxing match. Husband prefers the boxing match and wife pref
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