Define Pre-Settlement Settlements

question 73

Essay

Define pre-settlement settlements.

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Definitions:

Terminal Nodes

The end points of a decision tree where the outcomes are listed, with no further branches.

Sequential Game

A type of game in game theory where players make decisions one after another, with later players having some knowledge of earlier actions.

Nash Equilibrium

A concept in game theory where no player can benefit by changing their strategy while the other players keep theirs unchanged.

Extensive Form

This term refers to a representation of a game that shows the sequence of moves, and the outcomes of those moves, emphasizing the temporal aspect of decision-making in the game.