Exam Mistakes Flashcards
Define Nash equilibrium?
Neither player can do better by changing strategy given the other player adheres to their own strategy
Define sample space?
A list showing all possible simple outcomes that are mutually exclusive and exhaustive
Define event?
Some subset of simple outcomes from the same space
Define valid argument?
Compound proposition that come out true regardless of the truth values assigned to their single components
Explain what the εQN means mathematically?
Suppose that N changes by a small proportion h, and that as a result changes the result Q by a proportion k. Then εQN is approximately k/h. The smaller h (and consequently k) gets, the closer k/h gets to εQN
When finding the critical points of a function f(x,y) how is it done?
Differentiate wrt to x and then to y
Make both equations equal zero
Find PAIRS of values for x and y that make both equations equal zero
What is the objective function?
The function to be maximised (ie. f(x))
What is the critical point?
The critical point of f(x) is any point x* that satisfies the equation f’(x*)=0
What is the choice variable?
The variable that the function depends on (ie. f(x) the choice variable is x)
Convex vs concave?
Convex = upward bending
ConCAVE = downward bending
How to tell if A and B are independent?
If p(A|B)=p(A)
Or
p(AB) = p(A) x p(B)
2 requirements for the total probability theorem?
If events are mutually exclusive and exhaustive
Explain the frequentists view in the Bayes debate?
When using Bayes theorem to calculate p(C|F), frequentists say it only makes sense to assign a value to p(C) if it is a proportion
Why?
They believe the concept of probability only applies if there is numerical evidence available (ie. Doesn’t occur for ‘one off’ events)
What do bayesians believe?
Believe there is a prior probability for any event tf use probability for a lot more events than frequentists
How to tell if two variables are IRVs?
If p(X=r,Y=s) = p(X=r) x p(Y=s)
Calculating variance of Bernoulli distribution?
Bernoulli - when 2 probabilities (Eg. assigned to 1 and 0)
Var(X)=p(1-p)
What are associative operations?
When you can put in brackets and it doesn’t change the results
What are the necessary and sufficient conditions for p->q?
p is a sufficient condition for q
q is a necessary condition for p
What is the difference between an intensive and extensive definition?
Intensive: written in notation
Extensive: fully written out
See Cartesian sets t2u2
Now