One Shot Game:
If a game is played only once and the players move simultaneously or at least no player knows any of the other players’ moves before choosing his. Thus we fully characterize a one-shot game by a list of the available strategies and payoffs K = {S1 ,.... , SI ;π1,.....,πI}
1) Strategic Form:
It is called the strategic (or normal) form representation of a game. For starters, let’s consider the strategic form of a one-shot game with only two players, A and B, each with two strategies, 1 and 2. (The players could be two firms, an employer and employee and a parent and child and so on.)
The payoffs for each player are collected in the following two matrices.
These are combined into a solo game matrix:
Which completely summarizes the strategic form of the game. The game matrix is useful for depicting the strategic form of games with few players (usually two or three) and a finite number of strategies.
A game is symmetric if πA jk = πBkj for all j and k. If πAjk+ πBkj = c , where c is a constant, for each pair of strategies (j, k), then the game is constant sum; if c = 0, then it is a zero-sum game. Mostly in general games are variable sum.
We are seems for a solution to such games. If each player is rational, what is her optimal strategy? This is given by the best response function. Player i’s best comeback to other player’s strategies is the solution to the following maximization problem:
max πi(s1,...., Si−1, si, Si+1,....., si) ........(i)
given the strategies of the (I −1) other players. Therefore the best response function is si = Ri (si), which can also be expressed as Ri (s1,....., si−1, si+1,...., sI); that is, i’s most excellent strategy is generally a function of the strategies of all other players.
If each player plays her optimal strategy, what happens? That is, what is the equilibrium of such a game?
2) Eliminating Dominated Strategies:
One feature of best response functions is that they never reflect dominated strategies. For player i, strategy si′ dominates strategy si′′ if the payoff to si′ exceeds the payoff to si ′′ for every combination of other players’ strategies si ; that is, if π i (si ′ ,si ) > π i (si ′′ ,si ) ...........(ii)
for all si. Rational players never play dominated strategies si′′ , so we can frequently eliminate some strategies as candidates for solutions.
Latest technology based Microeconomics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Microeconomics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Microeconomics, project ideas and tutorials. We provide email based Microeconomics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Microeconomics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Microeconomics Homework help and assignment help services. They use their experience, as they have solved thousands of the Microeconomics assignments, which may help you to solve your complex issues of Microeconomics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
kinetic theory and statistical mechanics tutorial all along with the key concepts of need of statistical mechanics, postulates of statistical mechanics, microscopic laws of motion, heuristic definition, boltzmann's formula and gibbs approach
Herbs-Shrubs-Trees tutorial all along with the key concepts of Herbaceous Monocotyledonous Stem, Herbaceous Dicotyledonous Stem, Ephemerals, Annual Plants, Biennial Plants and Perennial Plants
tutorsglobe.com plant cell organelles assignment help-homework help by online cell organelles tutors
www.tutorsglobe.com offers Go to in Disciplined Manner homework help, assignment help, case study, writing homework help, online tutoring assistance by computer science tutors.
theory and lecture notes of chomsky’s hierarchy all along with the key concepts of chomsky’s hierarchy, grammars and languages, phrase structure grammar, context sensitive and context free. tutorsglobe offers homework help, assignment help and tutor’s assistance on chomsky’s hierarchy.
Macroscopic Property of Dielectrics tutorial all along with the key concepts of Simple Model of the Dielectric Material, Dielectric in an Electric Field, Non-Polar and Polar Molecules, Polarization Vector, Gauss' Law in a Dielectric, Dielectric Strength and Breakdown
Impulse and Linear Momentum tutorial all along with the key concepts of Impulse, Momentum, Motion with Variable Mass, Motion of a Rocket, Conservation of Linear Momentum
www.tutorsglobe.com offers computational procedure of big – m method, charne’s penalty method assignment help, homework help and online tutoring by live operation research tutors
The Projectile Motion tutorial all along with the key concepts of Trajectory, Flight Time, Range, equations of motion, equation of the parabola, trajectory y-velocity of projectile, Two dimensional velocity
tutorsglobe.com third transition series assignment help-homework help by online d block elements tutors
the term ‘percolator’ is invented from the word “percolate” which means to permit water to pass by the coffee grounds for extracting coffee that provides its color, taste and aroma.
Nervous Coordination and Sense Organs tutorial all along with the key concepts of Organization of Nervous System, Central Nervous System, Peripheral nervous system and Sense Organ
tutorsglobe.com amoebiasis assignment help-homework help by online protozoan microbiology tutors
tutorsglobe.com amorphous solids assignment help-homework help by online solid state chemistry tutors
tutorsglobe.com control of microorganisms assignment help-homework help by online general microbiology tutors
1965183
Questions Asked
3689
Tutors
1479204
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!