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- Define the term "game theory" in context of economics. Can you please provide it in detail. Thankyou!What is game theory? How does it relate to strategic decision making? What do the phrases dominant strategy and Nash Equilibrium mean as they apply to game theory?What is the difference between macroeconomics and microeconomics? And where would game theory fall within these?
- From your own understanding on the concept of “Game Theory”, what can you conclude about the relationship between rules of the game and the outcome that results?Using game theory what are some examples in where Nash equilibrium is incorporated?Consider the following extensive form game: Find the Nash equilibrium Find subgame perfect Nash Equilibrium Explain why all Nash equilibriums are not subgame perfect
- why is a nash equilibrium stableThe following is a static game: Convert this game into dynamic form game. Find the Nash equilibrium and subgame perfect Nash equilibrium of this game. If you consider this game as dynamic then what kind of dynamic game is this.What is the link between game theory and market structures? Which market structure is game theory more linked to?
- Which of the following is FALSE for the Bayesian Nash equilibrium of a Bayesian game? A. Every Bayesian game in which there are finitely many players and finitely many actions and types for each player, there exists a Bayesian Nash equilibrium B. Every Bayesian game has multiple Bayesian Nash equilibria C. Bayesian Nash equilibrium of a Bayesian game is the Nash equilibrium of its associated ex-ante normal form gameHow many sellers/firms is a few? How would you define “strategic decision-making?” How does game theory relate to strategic decision-making?Solve the Subgame Perfect Nash Equilibria for the following games A and B in the image below. 1. The Nash Equilibria for (a) are/is: 2. The Nash Equilibria for (b) are/is 3. Is there Subgame Perfect Nash Equilibria for A? 4. Is there Subgame Perfect Nash Equilibria for B?