A Gaming Strategy in Which One Player States That He/she

question 34

Multiple Choice

A gaming strategy in which one player states that he/she would break the agreement for eternity if his/her co-player breaks the agreement once is called:

• A)a grim trigger.
• B)a credible threat.
• C)a chain-store paradox.
• D)a dominance pull.

---

Definitions:

Contract Negotiating Procedures

The systematic steps and methods used during the process of reaching an agreement on contractual terms.

Auction With Reserve

A type of auction in which the seller reserves the right to accept or reject the highest bid.

Auction Without Reserve

An auction in which the item for sale will be sold regardless of the price, as there is no minimum bid or reserve price.

Open Price Term

In a contract, a provision that allows the price to be determined later based on agreed criteria or market conditions.