4.11 And 4.12 Flashcards
1
Q
What is an ultimatum game
A
How people share mutual benefits (take it or leave it)
2
Q
What can the ultimatum game be used to observe
A
Motives
Self interest
Altruism
Inequality aversion
Reciprocity
3
Q
What type of game is ultimatum game
A
Sequential move game
4
Q
What is the process of solving ultimatum game called
A
Backward induction
5
Q
What is expected payoffs
A
Probability weighted average of payoffs
P(payoff) x value of payoff
