Week07_lecture

Week07_lecture - Information Systems and Analysis(ORIE 311...

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Week 7 (3/6-3/8) ORIE 311 1 Information Systems and Analysis (ORIE 311) Introduction to Game Theory and Value of Information in a Network II
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Week 7 (3/6-3/8) ORIE 311 2 Announcements Homework 4 is available on the course website and will be due at noon on Monday, 3/13 Prelim: Wednesday, March 15, in class Cover all materials up to (3/1) You should start thinking of forming a team for the upcoming project 3-4 people At least one team members should have taken CS 211 (212 would be preferable) Each team should have combination of skills Research, writing, presentation, statistical and data analysis, programming, and modeling
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Week 7 (3/6-3/8) ORIE 311 3 Motivation When each player (A and B) has different information, the analysis of their interactions become very difficult Recall: Hidden Card example Special case: Player A has a special private information, but Player B has to act first. SETUP: Two components of information in interactive situations: Action of individuals State of the world Refer to value of the random variables and past actions Ex: Checkers/Chess State of the world = current configuration of pieces on the board Ex: Poker Distribution of cards – both in the deck and in the players’ hands Note: In this case, each player has different information
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ORIE 311 4 Special Case 2 Players Game: A and B Only uncertainty is the private information held by A B is required to act first, followed by A In this case, action of B reveals no information (because he has none to reveal) Motivating Example: (Adverse Selection) Health Insurance
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Week07_lecture - Information Systems and Analysis(ORIE 311...

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