tailieunhanh - Câu hỏi đánh giá môn Kinh tế vĩ mô bằng tiếng Anh- Chương 13

Tham khảo tài liệu 'câu hỏi đánh giá môn kinh tế vĩ mô bằng tiếng anh- chương 13', kinh tế - quản lý, kinh tế học phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Chapter 13 Game Theory and Competitive Equilibrium CHAPTER 13 GAME THEORY AND COMPETITIVE STRATEGY REVIEW QUESTIONS 1. What is the difference between a cooperative and a noncooperative game Give an example of each. In a noncooperative game the players do not formally communicate in an effort to coordinate their actions. They are aware of one another s existence but act independently. The primary difference between a cooperative and a noncooperative game is that a binding contract . an agreement between the parties to which both parties must adhere is possible in the former but not in the latter. An example of a cooperative game would be a formal cartel agreement such as OPEC or a joint venture. An example of a noncooperative game would be a race in research and development to obtain a patent. 2. What is a dominant strategy Why is an equilibrium stable in dominant strategies A dominant strategy is one that is best no matter what action is taken by the other party to the game. When both players have dominant strategies the outcome is stable because neither party has an incentive to change. 3. Explain the meaning of a Nash equilibrium. How does it differ from an equilibrium in dominant strategies A Nash equilibrium is an outcome where both players correctly believe that they are doing the best they can given the action of the other player-. A game is in equilibrium if neither player has an incentive to change his or her choice unless there is a change by the other player. The key feature that distinguishes a Nash equilibrium from an equilibrium in dominant strategies is the dependence on the opponent s behavior. An equilibrium in dominant strategies results if each player has a best choice regardless of the other player s choice. Every dominant strategy equilibrium is a Nash equilibrium but the reverse does not hold. 4. How does a Nash equilibrium differ from a game s maximin solution In what situations is a maximin solution a more likely outcome than a Nash .