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Applied Macroeconomic Theorys > Strategic Games > Flashcards

Flashcards in Strategic Games Deck (7)
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1
Q

In sequential-move games, players take turns,

A

and each player observes all prior decisions of the rival before having to move.

2
Q

In simultaneous-move games, players do not observe

A

the rival’s decision before making their own

3
Q

A Nash equilibrium is a pair of strategies, one for each player, in which

A

each strategy is a best response to the other.

4
Q

When the rules of the game are flexible,

A

change them to your advantage

5
Q

In sequential games, players can change the outcome by

A

committing to a future course of actions

6
Q

Credible commitments are difficult to make because

A

they require that player threaten to act against their own self interest

7
Q

In the prisoners dilemma, conflict and cooperation are intentioned towards

A

self interest which leads the player to outcomes that no one likes.