Examlex
Be able to define the following terms and explain their differences and similarities: voluntary arbitration and court-annexed arbitration; voluntary mediation and mandatory mediation; summary trial and summary judgment.
Credible Threats
A concept in game theory where a threat made by one party to another is believable and likely to be executed if conditions are not met.
Repeated Game
A strategic scenario where the same game (decision-making situation) is played multiple times, allowing for strategy revisions based on past outcomes.
Advertising Budgets
The amount of money a company plans to spend on its promotional activities over a certain period.
Payoff Matrix
A payoff matrix is a table that shows the potential outcomes of different decisions made by one or more participants in a strategic situation, often used in game theory.
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