What does the term "commitment" refer to in game theory?
What will be an ideal response?
The term "commitment" refers to the ability to choose and stick with an action that might later be costly.
Economics
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Technical efficiency
A) ignores the values of the chooser. B) is a necessary precondition for the attainment of economic efficiency. C) is always attained if economic efficiency is achieved. D) is attained whenever the ratio of physical output to physical input is greater than unity. E) is easier to achieve than economic efficiency.
Economics
The individual with the highest valuation of the good will win in which of the following auctions?
A) English Auction B) Dutch Auction C) Sealed Bid Auction D) All of the above.
Economics