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In 2017, Theresa was in an automobile accident and suffered physical injuries. The accident was caused by Ramon's negligence. In 2018, Theresa collected from his insurance company. She received $15,000 for loss of income, $10,000 for pain and suffering, $50,000 for punitive damages, and $6,000 for medical expenses which she had deducted on her 2017 tax return (the amount in excess of 10% of adjusted gross income). As a result of the above, Theresa's 2018 gross income is increased by $56,000.
Payoff Matrix
A table that shows the potential outcomes of a strategic decision made by two or more players, highlighting the benefits or losses based on each player's decisions.
Dominant Strategy
A strategy in game theory that is best for a player, regardless of the strategies chosen by other players.
Price High
Typically refers to a situation where the price of a good or service is higher than usual, which can result from high demand, low supply, or other market conditions.
Positive-Sum Game
A situation in economic transactions where all participants can benefit, or the sum of the gains and losses is positive.
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