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An auction associates who submits offers (or bids) to sale or buy the goods being auctioned.
About assignment The goal of this assignment is for the student to propose a new game of your own and to be able to present their ideas in clear and convincing manner. This pro
GAME 2 The Tire Story Another game that we have successfully played in the first lecture is based on the “We can’t take the exam; we had a flat tire”. Even if the students hav
PROBABILITY AND EXPECTED UTILITY Most students know the elementary combinatorial rules for probability algebra and need only a refresher with some exam- ples. We have used card
GAME 4 Auctioning a Penny Jar (Winner’s Curse) Show a jar of pennies; pass it around so each student can have a closer look and form an estimate of the contents. Show the stud
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
GAME 3 Bargaining Two players A and B are chosen. Player A offers a split of a dollar (whole dimes only). If B agrees, both get paid the agreed coins and the game is over. If
Consider the situation in which Player M is an INCUMBENT monopolist in an industry, which makes a profit of $10m if left to enjoy its privileged position undisturbed. Player P is a
Players 1 and 2 are bargaining over how to split one dollar. Both players simultaneously name shares they would like to keep s 1 and s 2 . Furthermore, players' choices have to be
Stanley is auctioning an item that he values at zero. Betty and Billy, the two potential buyers, each have independent private values which are drawn from a uniform distribution, P
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