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Hace 5 días · George Akerlof in his 1970 paper, "The Market for 'Lemons'", highlights the effect adverse selection has on the used car market, creating an imbalance between the sellers and the buyers that may lead to a market collapse.
Hace 2 días · Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and computer science.
Hace 4 días · A team of computer scientists is the first to solve a game theory scenario that has vexed researchers for nearly a century. The game, known as 'Colonel Blotto,' has been used to analyze the...
29 de jun. de 2024 · Lemons problem If quality cannot be assessed, the buyer is willing to pay at most a price that reflects the average quality. Sellers of good quality items will not want to sell at the price for average quality.
5 de jul. de 2024 · The Nash equilibrium is a key concept in game theory, in which it defines the solution of N-player noncooperative games. It is named for American mathematician John Nash, who was awarded the 1994 Nobel Prize for Economics for his contributions to game theory.
Study with Quizlet and memorize flashcards containing terms like the "lemons" problem is that, the following is an example of adverse selection, the following is NOT an example of risk aversion and more.
Hace 3 días · This course introduces students to games of complete information through solving problem sets. We will cover the concepts of dominant strategies, rationalizable strategies, Nash equilibrium, subgame perfection, backward induction, and imperfect information.
