Game Theory – 21 flags winning strategy There were 21 flags and each player had the opportunity to remove 1‚2‚ or 3 flags. The player that removes the last flags will be the winning team. By applying the backwards induction theory‚ think backwards in time and the optimal winning strategy is to leave the opponent player 4 flags by each step to remove the flags so that the remaining number is divisible by 4. The player that has the first attempt to remove the 1st flag will control the 100%
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described in the big five theory of personality. This trait is characterized by sociability‚ assertiveness‚ emotional expressiveness and excitability. People who are high in this trait are often described as being outgoing ad talkative‚ while those low in this trait are described as quiet and reserved. An extroverted disposition ; concern with what is outside the self rather what is inside. Introversion is one of the major personality traits identified in many theories of personality. People who
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RISK THEORY - LECTURE NOTES 1. INTRODUCTION The primary subject of Risk Theory is the development and study of mathematical and statistical models to describe and predict the behaviour of insurance portfolios‚ which are simply financial instruments composed of a (possibly quite large) number of individual policies. For the purposes of this course‚ we will define a policy as a random (or stochastic) process generating a deterministic income in the form of periodic premiums‚ and incurring financial
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Class Professor’s Name Institution Date Introduction Game theory is an important tool that can be used to determine how the decisions made by others come into play and also subsequently influence other’s decisions. It borrows from parlor games such as chess and poker to come up with the concepts that influence it. The concept goes a long way in explaining where the theory gets its name. Its main application areas include places
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CONSUMER THEORY I Consumer theory – deals with how a consumer chooses the best bundle of goods he/she can afford. BUDGET CONSTRAINT To know which bundle of goods a consumer can afford‚ we have to look into the consumer’s budget constraint. We first assume that there are only two goods‚ say good x1 and x2. A consumer can choose from bundle A (3‚ 2) – 3 units of good 1 and 2 units of good 2; bundle B (6‚ 5) – 6 units of good 1 and 5 units of good‚ so forth. Given the price of good 1 (p1)‚
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commercial purpose without the explicit permission of the Econometric Society. For this purpose‚ contact Claire Sashi‚ General Manager‚ at sashi@econometricsociety.org. Prospect Theory: An Analysis of Decision under Risk by Daniel Kahneman and Amos Tversky Econometrica‚ 47(2)‚ pp. 263-291‚ March 1979 PROSPECT THEORY: AN ANALYSIS OF DECISION UNDER RISK DANIEL KAHNEMAN; AMOS TVERSKY Econometrica (pre-1986); Mar 1979; 47‚ 2; ABI/INFORM Global pg. 263 Reproduced with permission of the copyright
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The Theory of Constraints and Drum–Buffer–Rope Drum – Buffer – Rope (DBR) is an operations scheduling methodology based on Dr Eli Goldratt’s Theory of Constraints (TOC) and first written about in The Goal and further explained in The Race. Drum Buffer Rope is just one part of the TOC Operations solution; it is the machine that sets the plan for Operations. However the second part of the TOC Operations solution is Buffer Management. Buffer Management is the monitor and control mechanism that ensures
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Feminist Theory Perception: the process by which an individual receives and analyses information. Feminist theory‚ or feminism‚ is support of equality for women and men. Although all feminists strive for gender equality‚ there are various ways to approach this theory‚ including liberal feminism‚ socialist feminism‚ and finally radical feminism. Let’s take a look at the basic feminist ideas and various approaches to achieving gender equality. Looks at ways that women can be liberated or gain more
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are several theories that explain how mind reading works‚ the one that I find most plausible is the simulation theory. The simulation theory states that we generate certain mental states in ourselves and are then able to predict and explain the mental states of others. In simpler terms‚ with the simulation theory‚ we want to say what brought a person to behave in a certain way‚ so we ask ourselves‚ “What would I do in this situation?”. The simulation theory is an attractive theory for several
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Jean Piaget Cognitive Development Theory Biography: Jean Piaget was born in Neuchatel‚ Switzerland on August 9‚ 1986 to Arthur Piaget and Rebecca Jackson. At a young age‚ he displayed great fascination for Biology‚ his intellectual love. Jean Piaget‚ at the age of 10 published his first article‚ which described the albino sparrow he observed. Between the ages of 15 and 18‚ he published several more articles and most of them are mollusks. Jean Piaget was especially
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