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A subset or piece of a sequential game starting at some node such {that each that each} player is aware of each action of the players that moved before him at every purpose. Sub game excellent equilibrium discovered by backward induction are Nash equilibrium of each sub game.
A strategy is dominated if, no matter what the other players do, the strategy earns a player a smaller payoff than another strategy. Hence, a method is dominated if it's invariably
A type of auction in which the highest bidder is rewarded the object, but all bidders pay the auctioneer their bids. This differs from traditional first price auctions in which onl
Strategies against Hostage Takers T ypical Situations Terrorists: usually have several hostages, demands are polit- ical, may be fanatics, location may be public or sec
Winner of the Nobel Prize in 1972, Hicks is acknowledged mutually of the leading economists normally equilibrium theory. he's credited with the introduction of the notion of elasti
Yankee auction typically implies a multiunit discriminatory English auction. not like a Vickrey auction where every winning bidder pays identical worth for every unit, in a very ya
what will be the best strategy for a bidder in an auction comprised of four bidders?
How do I eliminate weakly dominated strategy
Identification is closely related to the estimation of the model. If an equation is identified, its coefficient can, in general, be statistically estimated. In particula
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
A participant in a very game who selects from among her methods randomly, primarily based on some predetermined chance distribution, instead of strategically, primarily based on pa
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