Game Theory Study Guide

Game Theory Study Guide - Chapter3

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Chapter 3 Sequential-move games : players take turns moving, know the choices of other player Simultaneous-move games : players move simultaneously, don’t know each other’s choices Extensive game representation: represented by a game tree o Nodes: point from which branches emerge, or where a branch terminates, in a decision or game tree Starting nodes: where game starts Decision node: player makes an action or move Terminal/end node: where the game/branch ends o Branches : correspond to actions by players o Payoffs : correspond to each end node Rollback equilibrium: the strategies for each player that remain after rollback analysis has been used Normal form representation: (also known as strategic form or matrix form) grid showing strategies and choices Symmetric game: when players have same strategies available; same payoff when choices are the same; payoffs switch when choices switch Prisoner’s Dilemma: a game where each player has 2 strategies, say Cooperate and Defect,
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This note was uploaded on 10/13/2008 for the course ECON 4340 taught by Professor Wang during the Spring '08 term at Missouri (Mizzou).

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Game Theory Study Guide - Chapter3

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