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Unformatted text preview: Econ 112 Midterm Review Chapters 7,8,11,12,14,15 Chapter 8 Pure Stragies Every game in normal form is defined by a list with their payoffs. These are the pure statagies in the game Mixed Strategizes In a game in normal form, a player who chooses among the list of normal form pure strategies according to the given proabailities two or more which are positive is said to choose a mixed strategy Mixed Strategy Equilibrium : A nash equilibrium in which one or more of the players chooses a mixed strategy is called a mixed strategy equilibrium Mixed Staragies exist when there is a level uncertaintiy as to which probability to choose and purely based on probability distribution Chapter 11 N person games A game with N players is an N person games. N may be any number 1,2,3 or more, but as the numbers increase we may need some simplifying assumptions to make the game anaylsis useful Representive Agent In game theory we may sometimes make the simplifying assumption that every...
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This note was uploaded on 04/17/2008 for the course ECON 112 taught by Professor Notsure during the Spring '08 term at University of Victoria.
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