Games for business and economics
Designed for the serious reader, this book teaches strategy through the use of game theory. The focus is on setting up and solving games, especially those that arise in economics and business. Develops modeling skills as well as the ability to implement a certain format, the form of the game, by using proven applications and examples of setups. Contains an analogous framework of necessary condition (equilibrium) and sufficient conditions such as undominated strategies, symmetry and subgame perfection to motivate solutions. Features a variety of examples ranging from the Bible to Wall Street.
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Mixed Strategies and Mixed Strategy Equilibrium
nPerson Games in Normal Form
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2-person arbitration average backward induction bargaining game bidder bidding function buyer called candidate chapter Chess claimant coalition function form contract core cost Cournot competition Cournot equilibrium credibility deal disagreement point dollars dominant strategy efficient equation expected value extensive form firm l's gains from trade game equilibrium game in Figure game theory grievance high effort imperfect information incentive infinitely repeated game information set lose low effort marginal market game market niche matching maximize million mixed strategy equilibrium monopoly Nash bargaining solution node normal form offer one-shot game outcome payoff vector player l's possible Pot of Gold Principal versus Agent probability distribution problem profits pure strategy repeated game replicator dynamics result risk averse risk neutral rushees seller sequential equilibrium shown in Figure shows sides signaling game solve subgame perfect equilibrium symmetrical game theorem United utility function voter zero zero-sum game