Explain the difference between a cooperative equilibrium and a noncooperative equilibrium in game theory
What will be an ideal response?
A cooperative equilibrium is one in which players in a game cooperate to increase their mutual payoff. A noncooperative equilibrium is one in which players don't cooperate but pursue their own self-interest.
You might also like to view...
If a market is shared equally by four firms, the Herfindahl-Hirschman Index is
A) 1/4. B) 4. C) 25. D) 2,500.
The level of long-run aggregate supply is affected by all of the following except
A) changes in the capital stock. B) changes in the number of workers. C) changes in the technology. D) changes in the price level.
When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include:
A. fences B. walkways C. sewer systems D. streets
Which of the following is a means-tested income transfer program?
a. Social Security b. Medicare c. unemployment compensation d. earned income tax credit