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WEEKS 7-12 ECON102 FLASHCARDS > WEEK 8 > Flashcards

WEEK 8 Flashcards

1
Q

In perfect competition do price setters care about competitors prices

A

No

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2
Q

Is there competitors in a monopoly

A

No

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3
Q

Whats game theory used to do

A

Distinguish rational and intelligent decision makers

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4
Q

What are the 2 main types of games

A

Simultaneously played
Sequential played

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5
Q

Features of a simultaneously played game

A

Moves chosen simultaneously
Player doesn’t know the others actions

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6
Q

Features of a sequentially played game

A

Moves made one after another
Players know what the previous move was

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7
Q

The 3 elements of a sequential ame

A

Players
strategies
Play offs / utilities

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8
Q

How to solve a game

A

Stable outcome
Reached by rational thinking

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9
Q

Why is it best to have a stable outcome

A

Players don’t change their mind

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10
Q

Whats the best way to solve a game

A

Finding the Nash equilibrium

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11
Q

What is iterated dominance

A

Means illogical actions can be deleted

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12
Q

How to solve a game with one Nash Equil

A

Choose the Equil

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13
Q

How to solve a game with more than one Nash Equil

A

Choose any of them

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14
Q

How to solve a game with no equilibrium

A

No logical way to choose, turns into a probability distributions

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15
Q

What are the 2 types of repeated games

A

Finitely repeated games
Infinitely repeated games

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16
Q

How many strategies do infinitely repeated games have

A

2

17
Q

What are the 2 strategies for infinity games called

A

Grim trigger

Tit for tat

18
Q

What is grim trigger

A

Will cooperate until defection then will defect for the rest of the game

19
Q

What is tit for tat

A

Repeating the previous action

20
Q

People are not always what

A

self-interested

21
Q

People can make decisions on what

A

Social preference

22
Q

Examples of social preferences people can make decisions on

A

Inequality aversion
Kindness reciprocity
Guilt aversion

23
Q
A

WEEKS 7-12 ECON102 FLASHCARDS (7 decks)

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