pages): •Explain the concepts of phyletic gradualism and punctuated equilibrium. •What predictions about the fossil record does punctuated equilibrium make? •In this model‚ what are the processes that produce rapid evolution? Which evolutionary factors are responsible for the periods of relative stasis? •Patterns of punctuated equilibrium have been observed in some cases‚ but the debate between punctuated equilibrium and phyletic gradualism continues and provides interesting areas of research
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ECON 3311 – Fall 2012 Extra Credit Homework – Game Theory 1. What is the Nash equilibrium in the following game? 2. Does the following game have a Nash equilibrium? Does it have more than one Nash equilibrium? If so‚ what are they? 3. Coca-Cola and Pepsi are competing in the Brazilian soft-drink market. Each firm is deciding whether to follow an aggressive advertising strategy‚ in which the firm significantly increases its spending on media and billboard advertising over
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SYMBOLIC SYSTEMS 202: The Rationality Debate (3 units) Winter Quarter 2003-2004‚ Stanford University Instructor: Todd Davies Game Theory Through Examples (2/11/04) Games against nature - decision theory for a single agent Expected utility theory for a single agent is sometimes called the theory of "games against nature". Consider this example. Example 1: Planning a party Our agent is planning a party‚ and is worried about whether it will rain or not. The utilities and probabilities
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price of a product rises and falls (McConnell‚ Brue‚ & Flynn‚ 2009). Basically‚ suppliers prefer to sell their goods at higher prices so that they make more of a profit. When buyers and sellers agree on a price‚ market equilibrium price‚ and quantity are achieved. Market equilibrium price and quantity rise and fall based on changes to supply and demand such as taxes and subsidies‚ prices of other goods‚ consumer preferences‚ number of buyers in the market‚ and consumer expectations” (McConnell‚ Brue
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In this game‚ there are two pure strategy Nash equilibrium‚ (2‚1) and (1‚2). Thus‚ Firm 1 prefers the equilibrium (2‚1) more than any other strategy profile and Firm 2 prefers (1‚2) to all others. | | Firm 2 | | | Beta | VHS | Firm 1 | Beta | (2‚ 1) | (0‚ 0) | | VHS | (0‚ 0) | (1‚ 2) | The source of conflict could be described as below: every player preferred one equilibrium over the other‚ but both would rather be at either equilibrium than to be mal-coordinated or uncoordinated.
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solutions for better results. INTRODUCTION Equilibrium in a system is achieved through many ways. One way is dissolving a slightly soluble solid in water. Since this is an equilibrium process‚ an equilibrium constant can be assigned. In this case‚ the Keq is the solubility product constant‚ Ksp. In general‚ the solubility product constant is the equilibrium constant used for solid substances dissolved in an aqueous solution.[1] It is the product of the equilibrium concentrations of the dissolved ions in
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response Ri (s−i ) is a set. • In the n-player normal-form game G = {S1 ‚ . . . ‚ Sn ; u1 ‚ . . . ‚ un }‚ the strategy profile (s∗ ‚ . . . ‚ s∗ ) is a pure-strategy Nash equilibrium if 1 n s∗ ∈ Ri (s∗ )‚ i −i equivalently‚ ui (s∗ ‚ s∗ ) = max ui (si ‚ s∗ )‚ −i i −i si ∈Si ∀i = 1‚ . . . ‚ n‚ ∀i = 1‚ . . . ‚ n. • {Nash equilibrium(a)} ⊂ {Outcomes of IESDS}. ∗ Email: xiangsun@nus.edu.sg; Mobile: 9169 7677; Office: S17-06-14. 1 MA4264 Game Theory 2/10 Solution to Tutorial 1 2
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plane. In simple harmonic motion‚ the displacement from the equilibrium position is directly proportional to the force. The force generated is always directed toward the equilibrium position. If the object is at its vertical peak and descending‚ the force is directed downward toward the point of equilibrium. The same is true for the objects in a vertical system or a horizontal system. Because the force always is directed towards the equilibrium position it is referred to as the restoring force. The
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Consider a firm that is contemplating entry into a new market. What contribution‚ if any‚ can game theory make to the analysis of the economic viability of such a strategy? Refer to the critical time line‚ reaction functions and the Nash premise in your reply. Introduction: Management decisions lack the full information‚ so they are bounded rationality decisions. Companies are players in a game‚ and the game dimensions are defined in terms of geography and product. So any new entrant
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sacrificed for the sake of readability. The chapter deals with situations in which agents are presumed to have complete information about each other’s preferences. Thomas Palfrey’s chapter in this volume‚ "Implementation in Bayesian Equilibrium: The Multiple Equilibrium Problem in Mechanism Design‚" is a companion to this‚ and looks at environments with incomplete information. Even though the complete-information environment is a restrictive case‚ the literature on it is vast and still growing. I have
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