Summary
Summary ECO2007 Module 2
- Institution
- University Of Cape Town (UCT)
Summary of 7 pages for the course ECO2007 - Cooperation And Competition at UCT (ECO2007 Module 2)
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MODULE 2.1: SIMULATENOUS-MOVE GAMESBy the end of this module, you should be able to:
Define and provide examples of simultaneous move games
Identify players, strategies, payoffs in a game table
Define and solve for the Nash Equilibrium
Introduction
What are simultaneous move games?
Simultaneous move games occur when:
- Players move with no knowledge of what their opponent has chosen to do
- Players choose their action at the exact same time
- Players make choices in isolation
- THEREFORE: these games have imperfect information
Simultaneous move games with discrete strategies
Game table
Simultaneous move games are depicted with a
, “game table” or “game matrix” or “payoff table”
Each cell represents the payoffs for each player, for each outcome, under the
strategies
The game table is called the normal form or strategic form of the game
It can include any number of strategies, as long as it is reflected in the dimensions of
the table.
Game table: payoffs
Each cell represents the payoff to a player if he had taken that strategy
for example, suppose Ron chose to stun and Harry chose to attack
then Ron would receive a payoff of 4
and Harry would receive a payoff of 6
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