Game theory assumes that to compute the likely outcome of games, one needs to assume that players act
a. Rationally
b. Optimally
c. In their own self-interest
d. All the above
d
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In July, market analysts predict that the price of gold will rise in August. What happens in the gold market in July, holding everything else constant?
A) The demand curve shifts to the left. B) The supply curve shifts to the left. C) The quantity demanded and the quantity supplied increase. D) The supply curve shifts to the right.
Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics reports or 1 sales call, which of the following would NOT be a mutually agreeable terms of trade for Sandy and Tim?
A) 1 economics report for 1 sales call B) 1 sales call for 3 economics reports C) 1 sales call for 4 economics reports D) 1 economics report for 1/4 of a sales call