Game Theory Concepts Quiz
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Questions and Answers

What is the first step in the generalized backward induction procedure for finite games?

  • Identify all possible strategies for players
  • Analyze the first subgame from its terminal nodes (correct)
  • Determine the payoffs for all outcomes
  • Summarize the players' preferences and constraints

Which type of game is not suitable for the generalized backward induction procedure?

  • Perfect information games
  • Zero-sum games
  • Infinitely repeated games (correct)
  • Finite repeated games

How does the generalized backward induction change the extensive form of the game?

  • By adjusting the payoff structure for all players
  • By introducing chance nodes to the game
  • By replacing subgames with equilibrium payoffs (correct)
  • By eliminating dominant strategies

What does the outcome of the generalized backward induction procedure provide?

<p>A prediction of players' joint decision-making (A)</p> Signup and view all the answers

Which representation allows for the consideration of strategies as contingent plans?

<p>Extensive form representation (B)</p> Signup and view all the answers

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Flashcards

Generalized Backward Induction

A procedure used in game theory to find optimal strategies in finite games by working backward from the end of the game.

Extensive Form Representation

A way to model strategic interactions that shows the sequence of moves, possible choices, and payoffs for each player.

Subgames

A portion of an extensive game that starts at a decision node and continues until the next decision node.

Backward Induction Procedure (First Step)

Identifying the optimal strategy at the last decision node.

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Outcome of Backward Induction

Equilibrium payoffs, giving optimal strategies for all players in the game.

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Contingent Plans

Strategies that depend on what other players choose to do in a game. These plans are flexible and account for different scenarios.

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Infinitely Repeated Games

Games where players interact repeatedly with no set ending. This makes backward induction difficult as there's no defined endpoint to work from.

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Generalized Backward Induction Change

The extensive form of a game is simplified by replacing each subgame with the equilibrium payoffs for that subgame. This reduces the overall complexity of the game.

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Study Notes

Game Theory Concepts

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Extensive Form Representation

  • Allows consideration of strategies as contingent plans

Backward Induction Procedure

  • First step: Identify subgames of the game.
  • Outcome: Provides equilibrium payoffs
  • Not suitable for: Infinitely repeated games
  • Generalized backward induction: Replaces subgames with equilibrium payoffs, fundamentally changing the extensive form of the game.

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Description

Test your understanding of key concepts in game theory, including extensive form representation and backward induction procedures. This quiz will assess your knowledge of strategies, subgames, and equilibrium payoffs in various game scenarios.

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