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He was the recipient of the Nobel Memorial Prize in Economic Sciences in 1994. Harsanyi is best known for his contributions to the study of game theory and its application to economics, specifically for his developing the highly innovative analysis of games of incomplete information, so-called Bayesian games.
Repeated games can include some incomplete information. Repeated games with incomplete information were pioneered by Aumann and Maschler . [ 4 ] While it is easier to treat a situation where one player is informed and the other not, and when information received by each player is independent, it is possible to deal with zero-sum games with ...
Thus, there is incomplete information (because the suspect has private information), making it a Bayesian game. There is a probability p that the suspect is a criminal, and a probability 1-p that the suspect is a civilian; both players are aware of this probability (common prior assumption, which can be converted into a complete-information ...
Consider a network game of local provision of public good [4] when agent's actions are strategic substitutes, (i.e. the benefit of the individual from undertaking a certain action is not greater if his partners undertake the same action) thus, in the case of strategic substitutes, equilibrium actions are non-increasing in player's degrees.
In game theory, an information set represents all possible points (or decision nodes) in a game that a given player might be at during their turn, based on their current knowledge and observations. These nodes are indistinguishable to the player due to incomplete information about previous actions or the state of the game .
Incomplete information ultimatum games: Some authors have studied variants of the ultimatum game in which either the proposer or the responder has private information about the size of the pie to be divided. [55] [56] These experiments connect the ultimatum game to principal-agent problems studied in contract theory.
In economics and game theory, complete information is an economic situation or game in which knowledge about other market participants or players is available to all participants. The utility functions (including risk aversion), payoffs, strategies and "types" of players are thus common knowledge .
In economics, comparative statics is the comparison of two different economic outcomes, before and after a change in some underlying exogenous parameter. [1] As a type of static analysis it compares two different equilibrium states, after the process of adjustment (if any). It does not study the motion towards equilibrium, nor the process of ...