L26X oligopoly jpw - microL26-F09-

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: microL26-F09- http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Oligopoly Lecture 26 Jennifer P. Wissink 2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. December 1, 2009 microL26-F09- http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Announcements for Fall 2009 MAKE SURE YOU ARE CHECKING MyEconLab site for all quiz information Blackboard site for all other information about office hours, review sessions, etc CLASS and SECTION EVALS Please, please, please: read the email you received requesting econ department evaluations. Please click on the link provided and complete an evaluation for this and any of the other courses listed there for you. It doesn't take long. I know this is old hat now and the novelty has worn off, but it really helps the most if we get input from the entire class. Your feedback is very helpful to me and to the TAs! Really!! I'd be very grateful if you'll take a few minutes to let me know what you think. Your identify remains protected in the on-line system and the results are delivered to me after grades have been turned in. microL26-F09- http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Game Theory: Setup List of players: all the players are specified in advance. List of actions: all the actions each player can take are spelled out. Rules of play: who moves and when is spelled out. Information structure: who knows what and when is spelled out. Strategies: the set of actions players can use. Payoffs: the amount each player gets for every possible combination of the players strategies. Solution or equilibrium concept: a way you reason that players select strategies to play, and then consequently how you predict the outcome of the game. microL26-F09- http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ Dominant Strategy Equilibrium A Dominant Strategy Equilibrium of a game is a set of strategies for all players such that for each player his payoff from playing his dominant strategy is at least as large as his payoff would be by playing any other strategy, no matter what his rivals choose as their strategies. microL26-F09- http://www.arts.cornell.edu/econ/wissink/econ1110jpw/http://www....
View Full Document

Page1 / 17

L26X oligopoly jpw - microL26-F09-

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online