Gaming conditions can also happen in one person situations, such as a diet. What is required is “commitment contracts” gambling and smoking also. Classifcation oF games: A) sequential or simultaneous? Sequential: when each person takes a turn and the other person observes and then makes choice simultaneous: when all players make choices at the same time without having information about other players. Choices are made with predictions of what others are going to pick. B) Is there scope of mutual beneFt? Not if it’s strictly competitive. Example: constant sum game your gain + her gain=constant. Zero sum games also same however the beneFt comes at the expense of the other player. Partnerships and share division are mutual beneFt situations. C) one shot or repeated? two people interacting once and then that’s it one shot. If it is a constant reoccurring game its repeated D) all players have same info? stock exchanges are prime with insider trading strategies and such.
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