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Game - Speak - PowerPoint PPT Presentation


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Game - Speak Noncooperative games Players Rules of the game Order (who chooses when) Chance (moves by nature) Information set (who knows what … and when) Payoffs Strategic Form Games Strategies Strategy profiles (possible outcomes) More Game - Speak

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game speak

Game - Speak

Noncooperative games

Players

Rules of the game

Order (who chooses when)

Chance (moves by nature)

Information set (who knows what … and when)

Payoffs

Strategic Form Games

Strategies

Strategy profiles (possible outcomes)

more game speak
More Game - Speak
  • Extensive Form Games  Decision Trees
    • If – then strategies
    • Backwards induction
  • Dominance: strict / weak
    • Iterated dominance
  • Constant Sum Games – Zero Sum Games
  • Prisoner’s Dilemma
  • Nash Equilibrium
    • Easy coordination / Chicken
  • Mixed Strategies
nash equilibrium
Nash Equilibrium
  • No player by herself can improve her payoff by moving to a different strategy, given the strategies chosen by other players.

Nash covers Smith

  • Pursuit of self-interest by each player on her own won’t result in socially desirable outcome when individuals don’t pay for the harm their actions cause others … when scarce resources are “free.”
nash equilibrium time and newsweek prices
Nash EquilibriumTime and Newsweek Prices

Time optimally sets its price, PT

PT = $1.50 + .50 PN

Newsweek optimally set its price, PN

PN = $1.50 +.50 PT

  • When PT = $3.00, Newsweek wants to set its price to $3.00.
  • When PN = $3.00, Time wants to set its price to $3.00.