What are some real life examples of game theory?

What are some real life examples of game theory?
by

1 Answer

Answer :

answer:Strategic voting. Would you switch parties in the primary to vote for the radical of the other party, thinking that person would be easier to beat in the general election? Negotiating over anything. Particularly prices. When do you pretend to walk away. How do you tell if the person would give you more, or if you are at their bottom line? On and on.
by

Related questions

Are there some practical conclusions from game theory analysis of bidding strategies in english auctions?

Description : Are there some practical conclusions from game theory analysis of bidding strategies in english auctions?

Last Answer : I don't know about specific tactics but I use Hammersnipe which is a sniping tool. It places my bid at the last possible moment to help prevent the price being jacked up.I don't know if you can ... are bidding on car auction sites. You still risk being outbid but I have a pretty good success rate.

Where did the economic theory of "zero sum game" come from?

Description : Where did the economic theory of "zero sum game" come from?

Last Answer : answer:Game Theory has been around for centuries, but is used more in Neoclassical Economics than in Classical Economics. Since most schools teach Classical instead of Neoclassical, I am not ... first published in 1944 but is likely more accurate and relevant than most other economic texts.

Acording to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes - (1) a fall in prices of output and resources (2) a fall in real gross National product and employment (3) a rise in real gross National product and investment (4) a rise in prices of output and resources

Description : Acording to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes - (1) a fall in prices of output and resources (2) a fall in real gross National product ... a rise in real gross National product and investment (4) a rise in prices of output and resources

Last Answer : (1) a fall in prices of output and resources Explanation: In 1936, John Maynard Keynes published the book "The General Theory of Employment, Interest and Money to explain the prolonged and ... at a below-full-employment equilibrium. Suppose that the economy is at the full-employment equilibrium.

According to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes (1) a fall in prices of output and resources (2) a fall in real gross National product and employment (3) a rise in real gross National product and investment (4) a rise in prices of output and resources

Description : According to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes (1) a fall in prices of output and resources (2) a fall in real gross National product and ... rise in real gross National product and investment (4) a rise in prices of output and resources

Last Answer :  a fall in prices of output and resources

Have you met someone like "Sheldon Cooper" from "Big Bang Theory" in real life?

Description : Have you met someone like "Sheldon Cooper" from "Big Bang Theory" in real life?

Last Answer : My daughter’s math tutor is in the ball park. She has most of the smarts, all the geekiness, but none of the arrogance.

Book recommendation on Keynesian economic theory?

Description : Book recommendation on Keynesian economic theory?

Last Answer : answer:If you want a book that gives you a clear explanation of Keynes and other great economic thinkers of our times, checkout the book The Wordly Philosophers I've read this book and I think it ... what your looking for without having to have to have PHD in economics to understand. Good Luck! R

Good source for economic theory?

Description : Good source for economic theory?

Last Answer : have you read the books on the fair tax pretty good theory

Malthusian theory of population explored the relationship between - (1) food supply and technology (2) food supply and population growth (3) population growth and development (4) optimum growth and resources

Description : Malthusian theory of population explored the relationship between - (1) food supply and technology (2) food supply and population growth (3) population growth and development (4) optimum growth and resources

Last Answer : (2) food supply and population growth Explanation: According to Malthusian theory of population, population increases in a geometrical ratio, whereas food supply increases in an arithmetic ratio. This ... by natural occurrences such as disease, high infant mortality, famine, war or moral restraint.

Malthusian theory is associated with which of the following? (1) Poverty (2) Employment (3) Diseases (4) Population

Description : Malthusian theory is associated with which of the following? (1) Poverty (2) Employment (3) Diseases (4) Population

Last Answer : (4) Population Explanation: The most well-known theory of population is the Malthusian theory. lt explains the relationship between the growth in food supply and in population. It states that ... on the Principle of Population as it affects the Future Improvement of Society, published in 1798.

According to Malthusian theory of population - (1) Population increases in geometric ratio, food supply increases in arithmetic ratio (2) Population increases in arithmetic ratio, food supply increases in geometric ratio (3) Population increases in a harmonic mean, food supply increases in geometric ratio (4) Population increases in a harmonic ratio, food supply increases in a arithmetic ratio

Description : According to Malthusian theory of population - (1) Population increases in geometric ratio, food supply increases in arithmetic ratio (2) Population increases in arithmetic ratio, food supply increases in ... (4) Population increases in a harmonic ratio, food supply increases in a arithmetic ratio

Last Answer : (1) Population increases in geometric ratio, food supply increases in arithmetic ratio Explanation: In his 1798 work, An Essay on the Principle of Population, Malthus ermined the relationship between population ... e. by the repeated addition of a uniform increment in each uniform interval of time).

The theory of "Maximum Social Advantage" in Public Finance Was given by (1) Robbins (2) Musgrave (3) Findley (4) Dalten

Description : The theory of "Maximum Social Advantage" in Public Finance Was given by (1) Robbins (2) Musgrave (3) Findley (4) Dalten

Last Answer : (4) Dalten Explanation: The 'Principle of Maximum Social Advantage' was introduced by British economist Hugh Dalton. According to Dalton, "The best system of public finance is that which secures the maximum social advantage from the operations which it conducts."

Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Description : Which of the following concepts are most closely associated with J.M. Keynes? (1) Control of money supply (2) Marginal utility theory (3) Indifference curve analysis (4) Marginal efficiency of captial

Last Answer : (4) Marginal efficiency of captial Explanation: The marginal efficiency of capital (MEC) is that rate of discount which would equate the price of a fixed capital asset with its present discounted ... given by the returns expected from the capital asset during its life Just equal its supply price

The innovation theory of profit was proposed by - (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson

Description : The innovation theory of profit was proposed by - (1) Marshall (2) Clark (3) Schumpeter (4) Joan Robbinson

Last Answer : (3) Schumpeter Explanation: The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations. In ... to introduce innovations and the profit in the form of reward is given for his performance.

Wage fund theory was propounded by (1) J.B. Say (2) J.S. Mill (3) J.R. Hicks (4) J.M. Keynes

Description : Wage fund theory was propounded by (1) J.B. Say (2) J.S. Mill (3) J.R. Hicks (4) J.M. Keynes

Last Answer : (2) J.S. Mill Explanation: J.S. Mill developed the wagesfund theory. This theory of wage was an attempt to show that in certain circumstances wages could rise above subsistence level. According to this ... be paid. This fund of capital is called wages-fund out of which wages are paid to labourers.

Price theory is also known as - (1) Macro Economics (2) Development Economics (3) Public Economics (4) Micro Economics

Description : Price theory is also known as - (1) Macro Economics (2) Development Economics (3) Public Economics (4) Micro Economics

Last Answer : (4) Micro Economics Explanation: Price theory is also known as micro economics and is concerned with the economic behaviour of individual consumers, producers and resource owners. Prof. Leftwich ... owners to business firms with their evaluation and with their allocation among alternative uses."

An economic theory is a/an - (1) Axion (2) Proposition (3) Hypothesis (4) Tested hypothesis

Description : An economic theory is a/an - (1) Axion (2) Proposition (3) Hypothesis (4) Tested hypothesis

Last Answer : (2) Proposition Explanation: A theory is an established explanation that accounts for known facts or phenomenon. Specifically, economic theories ate statements or propositions about patterns of economic ... the complexities of economic behavior (Exploring Economics by Robert L. Sexton, p 9).

Externality theory is the basic theory of the following branch of Economics: (1) Environomics (2) Fiscal Economics (3) International Economics (4) Macro Economics

Description : Externality theory is the basic theory of the following branch of Economics: (1) Environomics (2) Fiscal Economics (3) International Economics (4) Macro Economics

Last Answer : (1) Environomics Explanation: In economics, an externality is a cost or benefit which results from an activity or transaction and which affects an otherwise uninvolved party who did not choose ... a classic case of an externality. Externality theory forms the basic theory of environmental economics.

According to Modern Theory of Rent, rent accrues to - (1) capital only (2) any factor (3) labour only (4) land only

Description : According to Modern Theory of Rent, rent accrues to - (1) capital only (2) any factor (3) labour only (4) land only

Last Answer : (2) any factor Explanation: Modern theory of rent does not confine itself to the reward of only land as a factor of production as was the case in the classical Ricardian theory of rent. Rent in ... can arise in respect of any other factor of production. i.e., labour, capital and entrepreneurship.

Who propounded the Innovation theory of profits? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo.

Description : Who propounded the Innovation theory of profits? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo.

Last Answer : (1) J.A. Schumpeter Explanation: Schumpeter's (1934) original theory of innovative profits emphasized the role of entrepreneurship (his term was entrepreneurial profits) and the ... innovation, in which independent inventors typically fed discoveries as potential inputs to entrepreneurial firms.

Who developed the innovations theory of profit? (1) Walker (2) Clark (3) Knight (4) Schumpeter

Description : Who developed the innovations theory of profit? (1) Walker (2) Clark (3) Knight (4) Schumpeter

Last Answer : (4) Schumpeter Explanation: Joseph Alois Schumpeter (1883- 1950) was Austrian-born American economist and social scientist. He did important early analyses of business cycles and economic growth. He ... (1942), he argued that capitalism would naturally evolve into socialism through its very success.

The study of factor pricing is alternatively called the theory of - (1) functional distribution (2) personal distribution (3) income distribution (4) wealth distribution

Description : The study of factor pricing is alternatively called the theory of - (1) functional distribution (2) personal distribution (3) income distribution (4) wealth distribution

Last Answer : (1) functional distribution Explanation: In economics, the study of factor pricing is related to the theory of functional distribution which attempts to explain the prices of land, labour, and capital. It ... for land, labour, and capital as derived demand, stemming from the demand for final goods.

The theory of monopolistic competition has been formulated in the United States of America by - (1) Joan Robinson (2) Edward Chamberlin (3) John Bates Clark (4) Joseph Schumpeter

Description : The theory of monopolistic competition has been formulated in the United States of America by - (1) Joan Robinson (2) Edward Chamberlin (3) John Bates Clark (4) Joseph Schumpeter

Last Answer : (2) Edward Chamberlin Explanation: In treatments of monopolistic competition, Edward Chamberlin and Joan Robinson are usually credited with simultaneously and independently developing the theory of monopolistic ... can be regarded as the parents of the modern study of imperfect competition.

Who propounded Dynamic Theory of profit? (1) Clark (2) Schumpeter (3) Knight (4) Hawly

Description : Who propounded Dynamic Theory of profit? (1) Clark (2) Schumpeter (3) Knight (4) Hawly

Last Answer : (1) Clark Explanation: Dynamic Theory of Profit is associated with the name of an American Economist J. B. Clark. In the world of reality, according to J. B. Clark profit arises only in a dynamic economy.

Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Description : Micro-economics is also called : (1) Income theory (2) Investment theory (3) Price theory (4) Expenditure theory

Last Answer : (3) Price theory Explanation: Microeconomics is the branch of economics concerned with isolated parts of the economy, for example, individual people, firms or industries. It involves such topics as the theory of prices and of the firm.

Purchasing Power Parity theory is related with - (1) Interest rate (2) Bank rate (3) Wage rate (4) Exchange rate

Description : Purchasing Power Parity theory is related with - (1) Interest rate (2) Bank rate (3) Wage rate (4) Exchange rate

Last Answer : (4) Exchange rate Explanation: Purchasing power parity (PPP) is an economic theory and a technique used to determine the relative value of currencies, estimating the amount of adjustment needed on the ... that PPP rate, an amount of money thus has the same purchasing power in different countries.

The theory of distribution relates to which of the following? (1) The distribution of assets (2) The distribution of income (3) The distribution of factor payments (4) Equality in the distribution of the income and wealth

Description : The theory of distribution relates to which of the following? (1) The distribution of assets (2) The distribution of income (3) The distribution of factor payments (4) Equality in the distribution of the income and wealth

Last Answer : (4) Equality in the distribution of the income and wealth Explanation: In economics, distribution theory is the systematic attempt to account for the sharing of the national income among ... production? Third, how is the national income distributed proportionally among the factors of production?

The Liquidity Preference Theory of Interest was propounded by : (1) J.M. Keynes (2) David Ricardo (3) Alfred Marshall (4) Adam Smith

Description : The Liquidity Preference Theory of Interest was propounded by : (1) J.M. Keynes (2) David Ricardo (3) Alfred Marshall (4) Adam Smith

Last Answer : (1) J.M. Keynes Explanation: In macroeconomic theory, liquidity preference refers to the demand for money, considered as liquidity. The concept was first developed by John May-nard Keynes in his book ... Money (1936) to explain determination of the interest rate by the supply and demand for money.

Multiplier process in economic theory is conventionally taken to mean: (1) the manner in which prices increase (2) the manner in which banks create credit (3) income of an economy grows on account of an initial investment (4) the manner in which government expenditure increases

Description : Multiplier process in economic theory is conventionally taken to mean: (1) the manner in which prices increase (2) the manner in which banks create credit (3) income of an economy grows on account of an initial investment (4) the manner in which government expenditure increases

Last Answer : (3) income of an economy grows on account of an initial investment Explanation: In economics, a multiplier is a factor of proportionality that measures how much an endogenous variable changes in response to a change in ... of the U.S. money supply, and MO as a measure of the U.S. monetary base.

The idea that irrespective of how a government chooses to increase spending, either by debt financing or tax financing, the outcome will be the same and demand will remain unchanged, is popularly known as: a) Ricardian theory of equivalence b) Ricardian theory of competitive advantage c) Ricardian theory of stability d) None of the above

Description : The idea that irrespective of how a government chooses to increase spending, either by debt financing or tax financing, the outcome will be the same and demand will remain unchanged, is popularly ... b) Ricardian theory of competitive advantage c) Ricardian theory of stability d) None of the above

Last Answer : a) Ricardian theory of equivalence David Ricardo was a British political economist and his most famous theory was that of comparative advantage (along with above theory of Ricardian ... nation should use its resources solely in industries where it has the most international competitiveness

Which economist is famous for his theory of comparative advantage? a) Karl Marx b) John Maynard Keynes c) F. Hayek d) David Ricardo

Description : Which economist is famous for his theory of comparative advantage? a) Karl Marx b) John Maynard Keynes c) F. Hayek d) David Ricardo

Last Answer : d) David Ricardo David Ricardo was a British political economist and his most famous theory was that of comparative advantage. Comparative advantage refers to the doctrine that anynation should use its resources solely in industries where it has the most international competitiveness

Value maximization theory fails to address the problem of A.self-serving management. B.risk C.uncertainty D.sluggish growth.

Description : Value maximization theory fails to address the problem of A.self-serving management. B.risk C.uncertainty D.sluggish growth.

Last Answer : A.self-serving management.

Revealed preference theory of demand is given by (a) Paul M. Sweegy (b) Marshall (c) Paul Samuelson (d) Hicks

Description : Revealed preference theory of demand is given by (a) Paul M. Sweegy (b) Marshall (c) Paul Samuelson (d) Hicks

Last Answer : (a) Paul M. Sweegy

22-According to theory of Demographic Transition, population explosion is related to (a) First stage (b) Second stage (c) Fourth stage (d) None of these

Description : 22-According to theory of Demographic Transition, population explosion is related to (a) First stage (b) Second stage (c) Fourth stage (d) None of these

Last Answer : (c) Fourth stage

Theory of Demographic Transition is propounded by (a) Malthus (b) Karl Marx (c) Thompson and Notestein (d) Mrs. Joan Robinson

Description : Theory of Demographic Transition is propounded by (a) Malthus (b) Karl Marx (c) Thompson and Notestein (d) Mrs. Joan Robinson

Last Answer : (a) Malthus

Which one of the following is NOT an assumption of classical theory of employment ? (a) Full employment(b) Laissez-faire policy (c) State intervention. (d) Perfect competition

Description : Which one of the following is NOT an assumption of classical theory of employment ? (a) Full employment (b) Laissez-faire policy (c) State intervention. (d) Perfect competition

Last Answer : (c) State intervention.

-The theory of stages of growth is associated with (a) Simon Kuznets (b) W.W. Rostow (c) Paul Samuelson (d) Colin Clark

Description : -The theory of stages of growth is associated with (a) Simon Kuznets (b) W.W. Rostow (c) Paul Samuelson (d) Colin Clark

Last Answer : (b) W.W. Rostow

Who propounded the theory of unlimited supply of labour ? (a) Schumpeter (b) Rosestien Rodan (c) Mill (d) Lewis

Description : Who propounded the theory of unlimited supply of labour ? (a) Schumpeter (b) Rosestien Rodan (c) Mill (d) Lewis

Last Answer : (d) Lewis

Milton Friedman gave emphasis in his quantity theory of money on (a) Production and Income (b) Price level (c) Supply of Money (d) Demand for Money

Description : Milton Friedman gave emphasis in his quantity theory of money on (a) Production and Income (b) Price level (c) Supply of Money (d) Demand for Money

Last Answer : (d) Demand for Money

The Diffusion theory in Taxation was given by (a) Adam Smith (b) Seligman (c) Findlay (d) Mansfield and Canard

Description : The Diffusion theory in Taxation was given by (a) Adam Smith (b) Seligman (c) Findlay Shirras (d) Mansfield and Canard

Last Answer : (d) Mansfield and Canard

Unbalanced Theory of Growth was propounded by (a) Singer (b) Hirschman (c) W.W. Rostow (d) Kindleberger

Description : Unbalanced Theory of Growth was propounded by (a) Singer (b) Hirschman (c) W.W. Rostow (d) Kindleberger

Last Answer : (b) Hirschman

‘Wage Fund Theory’ has been given by (a) Adam Smith (b) Malthus (c) David Ricardo (d) J.S. Mill

Description : ‘Wage Fund Theory’ has been given by (a) Adam Smith (b) Malthus (c) David Ricardo (d) J.S. Mill

Last Answer : (c) David Ricardo

Factor propotion theory is also known as (a) Comparative advantage theory. (b) Laissez faire theory. © Heckscher Ohlin theory. (d) Product cycle theory.

Description : Factor propotion theory is also known as (a) Comparative advantage theory. (b) Laissez faire theory. © Heckscher Ohlin theory. (d) Product cycle theory.

Last Answer : © Heckscher Ohlin theory.

.In Heckscher Ohlin theory production function differ between commodities but are same between---- (a) countries. (b) factors © costs. (d) revenues.

Description : .In Heckscher Ohlin theory production function differ between commodities but are same between---- (a) countries. (b) factors © costs. (d) revenues.

Last Answer : (a) countries.

. In Heckscher Ohlin theory factors of production are---in number. (a) one (b) two © three (d) four

Description : . In Heckscher Ohlin theory factors of production are---in number. (a) one (b) two © three (d) four

Last Answer : (b) two

Classical theories believed in ---- theory of value. (a) land (b) labour © capital (d) organization.

Description : Classical theories believed in ---- theory of value. (a) land (b) labour © capital (d) organization.

Last Answer : (b) labour

According to the theory of Absolute Advantage a country should specialize in the production of that commodity in which she enjoys----- (a) absolute advantage (b) comparative advantage (c) no advantage (d) utilization.

Description : According to the theory of Absolute Advantage a country should specialize in the production of that commodity in which she enjoys----- (a) absolute advantage (b) comparative advantage (c) no advantage (d) utilization.

Last Answer : (a) absolute advantage

The theory of Comparative Advantage was propounded by (a) Adam Smith (b) David Ricardo © J.S. Mill (d) None of them.

Description : The theory of Comparative Advantage was propounded by (a) Adam Smith (b) David Ricardo © J.S. Mill (d) None of them.

Last Answer : (b) David Ricardo

The theory of Absolute Advantage was propounded by (a) Adam Smith (b) David Ricardo © J. S Mill (d) None of them.

Description : The theory of Absolute Advantage was propounded by (a) Adam Smith (b) David Ricardo © J. S Mill (d) None of them.

Last Answer : (a) Adam Smith

Keynesian theory of investment is known as ----- (a) Marginal Efficiency of Capital Theory. (b) Marginal Efficiency of Investment Theory. © Optimum Stock of Capital Theory. (d) Actual Stock of Capital Theory.

Description : Keynesian theory of investment is known as ----- (a) Marginal Efficiency of Capital Theory. (b) Marginal Efficiency of Investment Theory. © Optimum Stock of Capital Theory. (d) Actual Stock of Capital Theory.

Last Answer : (b) Marginal Efficiency of Investment Theory.

The Liquidity Preference Theory of Interest was propounded by : (1) J.M. Keynes (2) David Ricardo (3) Alfred Marshall (4) Adam Smith

Description : The Liquidity Preference Theory of Interest was propounded by : (1) J.M. Keynes (2) David Ricardo (3) Alfred Marshall (4) Adam Smith

Last Answer : J.M. Keynes