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Demand & Utility

Demand & Utility. What is Utility?. Satisfaction, happiness, benefit. Cardinal Utility vs. Ordinal Utility. Cardinal Utility : Assigning numerical values to the amount of satisfaction

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1.49k views • 117 slides

Static Games of Incomplete Information

Static Games of Incomplete Information. Mechanism design. Typically a 3-step game of incomplete info Step 1: Principal designs mechanism/contract Step 2: Agents accept/reject the mechanism Step 3: Agents that have accepted, play the game specified by mechanism

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290 views • 15 slides

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Demand &amp; Utility

Static Games of Incomplete Information

Demand & Utility