Game theory

Question 1

Game

Answer 1

name given to any strategic interaction between economic agent.

Question 2

Three parts of the game

Answer 2

players, feasible strategies and payoffs.

Question 3

Assumptions of game theory

Answer 3

1. Every player of a game knows who the other players are.
2. Every player knows the feasible strategies available to everybody.
3. Everybody knows their own payoff possible outcome of the game.