Examlex
Who said "One does like to make one's mummy just as nice as possible"?
Payoff Matrix
A table that represents the potential outcomes of different decisions in a strategic situation, showing the payoffs for each participant.
Simultaneous Game
A strategic situation where all players make their decisions or choose their actions at the same time.
Pricing Games
Strategic maneuvers or tactics used by companies to set prices in a way that maximizes profit or market share, often considering the actions of competitors.
Allocatively Inefficient
A situation where resources are not allocated in a way that maximizes the total benefits to society, often leading to overproduction or underproduction of certain goods.
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