This paper describes the usefulness of decision tree models for determining mixed strategy Nash equilibria in normal form games, particularly to undergraduate students. The approach is to construct a decision tree for each player, then solve the model via dynamic programming to determine the equations that must be satisfied at Nash equilibrium. This method not only provides a computational device that can be used to calculate the Nash equilibrium, but also serves as a visual pindyck and rubinfeld microeconomics 8th edition solutions pdf that helps students understand the Nash equilibrium concept.
Check if you have access through your login credentials or your institution. He teaches operations management, managerial economics, and management science. She teaches microeconomics and international finance. Her research interests are asymmetric business cycles, applied game theory, and pedagogical research. We are hiring PHP developers.
Many banks provide supply-chain finance solutions that might include insurance services that further mitigate trade risk such as the default of suppliers. Twelve pools of companies of different sizes are created and a VBA program for Excel is developed in order to calculate probability of bankruptcy tables of companies be- longing to the different pools. A Monte Carlo simulation to simulate the impact on risk and expected losses on the number of insurance policies sold is implemented with the use of simulation software. The results show that the simulation is useful to estimate the number of sold policies required in order to reduce the risk to a minimum level and predict with a high level of certainty the losses due to bankruptcy of suppliers. The expected losses for a risk pool can be used by a financial institution in order to price an insurance contract that hedges a company against the risk of default of suppliers. 2015 Published by Elsevier Ltd. Abnormal Psychology – James N.
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