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Econ 112 Midterm Review - Econ 112 Midterm Review Chapters...

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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 agent chooses from the list of strategies and gets the same payoffs in given circumstances. This is called a
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