The vast majority of games of interest in economics, finance, political economy etc. involve some form of payoff uncertainty. A simple but interesting example is provided by auctions: an object is offered for sale, and individuals are required to submit their bids in sealed envelopes. The object is then allocated to the highest bidder at a price which depends on every bid, according to some prespecified rule (e.g. \first-price\ or \second-price\rule). In

Introduction The purpose of this lecture is to help you familiarize with the workings of sequential equi- librium and \sequential equilibrium lite, i.e. perfect Bayesian equilibrium. The main focus is the \reputation\ result of Kreps and Wilson(1982). You should refer to OR for details and definitions: I am following the textbook quite closely. of the game in which an incumbent faces a sequence of K (potential) entrants. It is clear that, in the subgame in which the last entrant gets a chance to play, the incumbent will

From the moment an animal is slaughtered the meat produced begins to lose weight by evaporation. Under typical commercial distribution condi tions, it has been estimated that lamb and beef lose from 5.5 to 7% by evap- oration between slaughter and retail sale(Malton, 1984). Weight losses from pork are probably of the same magnitude. In addition to the direct loss in saleable meat there are also secondary

Unit 1. Introduction 1. How can you understand the communication? 2. The Importance of communication 3. How will you do to be an effective communicator?

Goal of the Firm 1) Profit Maximization? this goal ignores: a) TIMING of Returns (Time Value of Money Ch. 5) b) UNCERTAINTY of Returns (Risk- Ch. 6)

给定n个矩阵:A1,A2,An,其中A;与A1是可乘的。确定一种连乘的顺序,使得矩阵连乘的计算量为最小。 设A和B分别是pxq和qxr的两个矩阵,则乘积 C=AB为pxr的矩阵,计算量为pqr次数乘

International Business negotiation A negotiation is a meeting or a series of meetings in which the parties need each ther's agreement to reach a specific objective The fundamental principles of negotiation 1. Negotiation is an element of human behavior

asynchronous[a'si6 k ranas]a.异步的 serial[' sirian]a.串行的,串联的 transmission[ t raen z'mi∫an]a.传输,发送 interface[ i n taf e i s]r.接口

I. Revision Teacher uses the following exercise to help the students to revise the important expressions or phrases or sentences which were learnt in the loud speaker, study of last unit eacher: When I say a phrase or an expression in Chinese, you respond by blackboard

Principle of Virtual Displacements Consider a body in equilibrium. We know that the stress field must satisfy the differential equations of equilibrium. Multiply the differential equations of equilibrium by an \arbitrary\displacement field T