Ch 2 Vocab

Question 1

If some aspects of a game are known to some players but are not common knowledge among all players

Answer 1

Asymmetric Information

Question 2

Sum of all players’ payoffs is a constant, the same for all their strategy combinations. Conflict of interest between players, some get a higher payoff, therefore the others collectively have a lower payoff.

Answer 2

Constant-Sum Game

Question 3

Players decide to implement their strategy choices jointly, directly and collectively enforced.

Answer 3

Cooperative Game

Question 4

Configuration of strategies where each player’s strategy is his best response to the strategies of all the other players

Answer 4

Equilibrium

Question 5

Strategy of each player in a population is fixed genetically, and strategies that yield higher payoffs in random matches with others from same population reproduce faster than those with lower payoffs

Answer 5

Evolutionary Game

Question 6

The probability-weighted average of the payoffs of one player in a game, corresponding to all possible realizations of a random choice of nature or mixed strategies of the players

Answer 6

Expected Payoff

Question 7

A player’s uncertainty about external circumstances such as the weather or product quality

Answer 7

External Uncertainty

Question 8

An action situation where there are two or more mutually aware players, and the outcome for each depends on the actions of all

Answer 8

Game (game of strategy)

Question 9

If each player knows the full history of the game up to that point, including the results of any random actions of other players, including pure actions as well as the actual outcomes of any mixed strategies they may play. If not true, then it is said to have…

Answer 9

Imperfect Information

Question 10

The objective, usually numerical, that a player in a game aims to maximize

Answer 10

Payoff

Question 11

If players face neither strategic nor external uncertainty

Answer 11

Perfect Information

Question 12

Perfectly calculating pursuit of a complete and internally consistent payoff function

Answer 12

Rational Behavior

Question 13

Strategy of a less-informed player to elicit information credibly from a more-informed player

Answer 13

Screening

Question 14

Methods used for screening

Answer 14

Screening Devices

Question 15

A game that specifies a strict order, such that at each action node only one player takes an action, with knowledge of the actions taken at previous nodes

Answer 15

Sequential Moves

Question 16

Devices used for signaling

Answer 16

Signals

Question 17

Strategy of a more-informed player to convey his “good” information credibly to a less-informed player

Answer 17

Signaling

Question 18

Each player must take his action without knowledge of the choices of others, move at the same time

Answer 18

Simultaneous Moves

Question 19

A player’s uncertainty about an opponent’s moves made in the past or made at the same time as her own

Answer 19

Strategic Uncertainty

Question 20

A complete plan of action for a player in a game, specifying the action he would take at all nodes where it is his turn to act according to the rules of the game. If two or more nodes are grouped into one information set, then the specified action must be the same at all these nodes

Answer 20

Strategy

Question 21

Sum of all players equals zero for every configuration of their strategy choices. (Special case of a constant-sum game)

Answer 21

Zero-Sum Game