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A strategy is strictly dominant if, no matter what the other players do, the strategy earns a player a strictly higher payoff than the other. Hence, a method is strictly dominant if it's invariably strictly higher than the other strategy, for any profile of different players' actions. If a player contains a strictly dominant strategy, than he or she's going to invariably play it in equilibrium. Also, if one strategy is strictly dominant, than all others are dominated. for instance, within the prisoner's dilemma, every player contains a strictly dominant strategy.
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
Rules of Snake Eyes (small variation on game called Craps in USA) Player rolls two dice. On the first roll if the total of the dice is 2 (snake eyes): player wins and rece
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
What terms are included in the monopolistic competition? Product Differentiation: 1. The meaning of monopolistic competition and product differentiation 2. Why monopolist
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. Alternat
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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
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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
Consider the following three games (Chicken, Matching Pennies, Stag Hunt): Chicken Player 2 Player 1 D V D -100;-100 10;-10 V -10; 10 -1;-1 Matching Pennies Pla
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