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0
Q

Any social problem can be formalized as a “game” which consists of which three elements?

A

players, strategies, and payoffs

1
Q

Game Theory is defined as?

A

The Study of Mathematical models of conflict and cooperation between intelligent and rational decision makers

2
Q

Who established the solution concept?

A

John Nash: Nash Equilibrium

3
Q

What is the Nash Equilibrium

A

no one can benefit if they unilaterally change their action (the solution always exists)

4
Q

Who are the three fathers of Game Theory?

A

Harsanyi, Nash, Selton

5
Q

Outcomes depend on more than

A

one player’s decision

6
Q

The decisions of one player cannot be separated from

A

those of others

7
Q

What is the definition of Game Theory proposed by Myerson?

A

The study of mathematical models of conflict and cooperation between intelligent rational decision-makers

8
Q

The rules of the game have to specify four things?

A

who, what, when, and how much

9
Q

how much are the players in a game supposed to know about the rules?

A

common knowledge.

10
Q

The extensive form of a game is a complete description of?

A

players, what players move when, who moves when and their choices, players payoffs as functions of choices

11
Q

The normal or strategic form of a game is specified by three objects

A

set of strategies available to each player, the payoffs associated with any strategy combo, and the list of players