Gaming and Strategic Decisions

1 year ago
Microeconomics

Game – Situation in which participants make strategic decisions that take into account such other’s actions and responses.

Optimal strategy – Strategy that maximizes a player’s expected payoff.

Cooperative game – Game in which participants can negotiate binding contracts that allow them to plan joint strategies.

Noncooperative game – Game in which negotiation and enforcement of binding contracts are not possible.

Bijay Satyal
Dec 1, 2021
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