Introduction One of the merits of the notion of sequential equilibrium is the emphasis on out-of- equilibrium beliefs-that is, on beliefs (about past and future play)at information sets that should not be reached if given equilibrium is played. The key insight of extensive-form analysis is that out-of-equilibrium beliefs deter

Introduction This lecture focuses on the interpretation of solution concepts for normal-form games. You will recall that, when we introduced Nash equilibrium and Rationalizability, we mentioned numerous reasons why these solution concepts could be regarded as yielding plausible restric- tions on rational play, or perhaps providing a consistency check for our predictions about

Introduction [Again, by and large, I will follow OR, Chap. 8, so I will keep these notes to a minimum. Review of key definitions Recall our three payoff aggregation criteria: discounting, i.e (u2)≥1>(2 (also recall that the payoff profile corresponding to a stream (ut)is taken to be(1 8)2t18t-u(a)); limit of means

Introduction The notion of subgame perfection is the cornerstone of the theory of extensive games. It embodies its key intuitions-and provides a vivid example of the difficulties inherent in such a theor But, above all, it has proved to be extremely profitable in a variety of applications. More- over, it has spawned a huge theoretical literature which has attempted(often successfully

The quality of fresh meat exposed for retail sale is initially judged on its appearance. The presence of exudate or'drip', which accumulates in the container of prepackaged meat or in trays or dishes of unwrapped meat, substantially reduces its sales appeal (Malton and James, 1983). Drip can be referred to by a number of different names including purge loss',press loss'and 'thaw loss'depending on the method of measurement and when it is measured. In general, beef tends to lose proportionately more drip than pork or lamb. Since most of the exudate comes from the cut ends of muscle fibres

Since the mid-1980s there has been a considerable increase in legislation defining maximum temperatures during the production, distribution and retailing of chilled food. However, as soon as the food is purchased by the consumer, it is outside of any of these legislative requirements. Increasingly food poisoning incidents have been found to be due to mishandling of food in the home with insufficient refrigeration or cooling being the most fre

Whilst a number of characteristics affect the overall quality and acceptability of both fresh and frozen meats, tenderness is the major characteristic of eating quality because it determines the ease with which meat can be chewed and swallowed. The tenderness of meat is affected by both chilling/freezing and storage. Under the proper conditions, tenderness is well maintained throughout the chilled/frozen storage life, but improper chilling/freezing can produce severe toughening and meat of poor eating quality

Microbiology of refrigerated meat There are many pertinent texts on the microbiology of meats. The purpose of this chapter is to examine briefly the types of micro-organisms and con- ditions that are of interest in relation to the refrigeration of meat and meat products. In a perfect world, meat would be completely free of pathogenic(food poisoning

Besides the main terms we have discussed from lesson 1 to there are some other terms will be negotiated One is usually the inspection clause and the other is arbitration, esp. on purpose of handling with a claim

Capital Budgeting: the process of planning for purchases of long-term assets. example Our firm must decide whether to purchase a new plastic molding machine for $127,000 How do we decide? Will the machine be profitable? Will our firm earn a high rate of return on the investment?