Lecture11_GameTheory1_Econ121_Fall2010+_Revised_ (1)

Lecture11_GameTheory1_Econ121_Fall2010+_Revised_ (1) -...

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Click to edit Master subtitle style  2/2/11 Lecture 11 Game Theory 1 Econ 121: Industrial Organization UC Berkeley Fall 2010 Prof. Cristian Santesteban
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 2/2/11 Overview Game Theory – Review Dominant Strategies – Prisoner’s Dilemma Multiple Nash Equilibria Pure versus Mixed Strategy Equilibria Sequential Games Repeated Games
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 2/2/11 Definition of a Game A “game” consists of A set of players A set of strategies for each player A payoff function that tells us what each player gets as a function of the strategies chosen by all players
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 2/2/11 Dominant Strategies A dominant strategy is a strategy that is optimal no matter what strategies are chosen by the other players If a player has a dominant strategy, then he does not have to form expectations about what his opponent is going to do. Easy to analyze.
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Lecture11_GameTheory1_Econ121_Fall2010+_Revised_ (1) -...

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