Examlex
A Monte Carlo simulation is used for evaluating alternative strategies by observing how changes to selected factors affect other factors and outcomes.
Sequential Game
A strategic game where players make decisions one after another, with later players having knowledge of the previous actions.
Equilibrium
A situation where market demand equals supply, causing price levels to remain unchanged.
Mixed Strategies
A strategy in game theory where a player chooses probabilistically between different actions to prevent predictability.
Sequentially Played Game
A strategic situation or game where players make moves one after another, each aware of the preceding players’ decisions, often analyzed in game theory to predict outcomes.
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