ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Step 1: Introduce the concept of decision tree.
A decision tree is a graphical representation of a sequential game. The decision tree provides an overview of all the possible choices for players as well as specific details on the consequences of any particular choices. The decision tree is used to analyze the game and determine optimal strategies.
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