Backward Induction Is a Useful Tool

question 13

Multiple Choice

Backward induction is a useful tool:

• A)to finding an optimal strategy in a sequential game.
• B)for analyzing the decision in a prisoner's dilemma-type game.
• C)for finding an optimal strategy in a simultaneous game.
• D)Backward induction can be used in any of these games.

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Definitions:

Delegation

In constitutional law and administrative law, a process whereby a legislature effectively hands over some of its legislative power to an administrative agency that it has created, thus giving the agency power to make law within the limits set by the legislature. In contract law, a transaction whereby a person who owes a legal duty to perform under a contract appoints someone else to carry out his performance.

Jurisprudence

The philosophy of law. Also sometimes used to refer to the collected positive law of some jurisdiction.

Public Law

Laws that govern relationships between individuals and the government, including constitutional, administrative, and criminal laws.

Contract Law

A legal domain that governs the creation, enforcement, and dissolution of contracts between parties, ensuring that agreements are fair and binding.