Explain Why the Dominant Strategy Equilibrium in an English Auction

question 87

Essay

Explain why the dominant strategy equilibrium in an English auction is also the Nash equilibrium.

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Definitions:

Little Albert

A famous psychology experiment conducted by John B. Watson and Rosalie Rayner, involving classical conditioning to induce a fear response in an infant named Albert.

White Rat

Typically refers to albino rats used as subjects in scientific research, especially in psychological experiments on conditioning and behavior.

Discriminative Stimulus

Any stimulus, such as a stop sign or a doorknob, that provides the organism with a cue for making a certain response in order to obtain reinforcement.

Watson's Little Albert

An experiment conducted by John B. Watson demonstrating classical conditioning by causing a young boy to develop a phobia of white rats.