Compare and contrast the Winning Strategy Theorem and the Equilibrium Existence Theorem (in the forms that these two results were stated and discussed in ECN214). In your own words, describe the hypotheses and the conclusions of each theorem. Which result (if either) has more demanding hypotheses? Which (if either) has more powerful conclusions? Is one of these two theorems logically stronger than the other? Explain. What is the significance of each result, both for the application of game theory to real world problems and for the historical development of the subject? Give one or more original examples to show how these theorems can be used in practice.
Compare and contrast the Winning Strategy Theorem and the Equilibrium Existence Theorem (in the forms that these two results were stated and discussed in ECN214). In your own words, describe the hypotheses and the conclusions of each theorem. Which result (if either) has more demanding hypotheses? Which (if either) has more powerful conclusions? Is one of these two theorems logically stronger than the other? Explain. What is the significance of each result, both for the application of game theory to real world problems and for the historical development of the subject? Give one or more original examples to show how these theorems can be used in practice.
Chapter8: Game Theory
Section: Chapter Questions
Problem 8.10P
Related questions
Question
Compare and contrast the Winning Strategy Theorem and the Equilibrium Existence Theorem (in the forms that these two results were stated and discussed in ECN214). In your own words, describe the hypotheses and the conclusions of each theorem. Which result (if either) has more demanding hypotheses? Which (if either) has more powerful conclusions? Is one of these two theorems logically stronger than the other? Explain. What is the significance of each result, both for the application of game theory to real world problems and for the historical development of the subject? Give one or more original examples to show how these theorems can be used in practice.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you