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A Course in Microeconomic Theory$
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David M. Kreps

Print publication date: 2020

Print ISBN-13: 9780691202754

Published to Princeton Scholarship Online: May 2021

DOI: 10.23943/princeton/9780691202754.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 27 September 2021

Modeling competitive situations

Modeling competitive situations

Chapter:
(p.354) (p.355) Chapter Eleven Modeling competitive situations
Source:
A Course in Microeconomic Theory
Author(s):

David M. Kreps

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691202754.003.0011

This chapter studies how competitive situations are conventionally modeled in noncooperative game theory. It uses two sorts or forms of models: the so-called extensive form game and the normal or strategic form game. An extensive form representation of a noncooperative game is composed of the following list of items: a list of players; a game tree; an assignment of decision nodes to players or to nature; lists of actions available at each decision node and a correspondence between immediate successors of each decision node and available actions; information sets; an assignment of payoffs for each player to terminal nodes; and probability assessments over the initial nodes and over the actions at any node that is assigned to nature. There is no single way to proceed in general from a normal form game to a corresponding extensive form game. In one obvious extensive form, the players all choose complete strategies simultaneously, but often other extensive forms could be constructed from a given normal form.

Keywords:   competitive situations, noncooperative game theory, extensive form game, normal form game, strategic form game, game tree, probability assessments

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