This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Although there are many examples of game theory in the real world, how well do you think specifics ... (Read 68 times)

shofmannx20

  • Hero Member
  • *****
  • Posts: 562
on: Jun 29, 2018
Although there are many examples of game theory in the real world, how well do you think specifics like payoff matrices, Nash equilibrium, and dominant strategies translate to reality?
 
  What will be an ideal response?

Question 2

Define the exchange rate.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mjenn52

  • Sr. Member
  • ****
  • Posts: 351
Reply #1 on: Jun 29, 2018
Answer to Question 1

It is difficult to assess the relevance of game theory to real-world problems. We may not always know the payoffs facing players in the game. In real-world situations, the payoffs are determined by the attitudes and feelings of individuals as well as by their monetary returns; emotional payoffs are difficult to observe. Even with dominant strategies, the same problem exists. Game theory often abstracts from important details. For example, in many strategic environments one player may be more cunning, wiser, or more experienced than another.

Answer to Question 2

The exchange rate is the ratio at which two currencies are traded. It is the price of one currency in terms of another.


shofmannx20

  • Member
  • Posts: 562
Reply 2 on: Jun 29, 2018
Excellent

meganmoser117

  • Member
  • Posts: 303
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Though Candida and Aspergillus species are the most common fungal pathogens causing invasive fungal disease in the immunocompromised, infections due to previously uncommon hyaline and dematiaceous filamentous fungi are occurring more often today. Rare fungal infections, once accurately diagnosed, may require surgical debridement, immunotherapy, and newer antifungals used singly or in combination with older antifungals, on a case-by-case basis.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Explaining “Moving Continents”— The Theory of Plate Tectonics Explaining “Moving Continents”— The Theory of Plate Tectonics
Applying developmental theory to care Applying developmental theory to care
Examples of thrombophlebitis Examples of thrombophlebitis
The Distribution of the World's Land and Population The Distribution of the World's Land and Population
Ten Leading Causes of Death in the World, 2011 Ten Leading Causes of Death in the World, 2011
Examples of Look Alike Sound Alike Drugs Examples of Look Alike Sound Alike Drugs
Video: Coronary Heart Disease Animation

For a complete list of videos, visit our video library