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Unformatted text preview: practitioners, and protect U.S. firms from international competition. 2.1) a) Game Theory – The study of how people make decisions where attaining goals depends on interactions with others. b) Cooperative equilibrium – A game outcome in which players seek to increase their mutual payoff. c) Noncooperative equilibrium – A game outcome in which players pursue their own self-interest. d) Dominant strategy – A strategy that is the best for a firm no matter what strategies other firms use. e) Nash equilibrium – A situation in which each firm chooses the best strategy, given the strategies chosen by other firms....
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This note was uploaded on 01/14/2012 for the course ECO 211 taught by Professor Morvey during the Fall '10 term at Piedmont TC.
- Fall '10