Gaming and Strategic Decisions
2 years 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