In Some Games, One Player or Firm Moves First and Commits

question 67

Multiple Choice

In some games, one player or firm moves first and commits to a strategy to which the rival player or firm will subsequently respond.Such games are called

• A) repeated games.
• B) multi-period games.
• C) sequential games.
• D) credible games.

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Definitions:

Utilitarian

Pertaining to the philosophy that the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Ethical Decision-making

The process of evaluating and choosing among alternatives in a manner consistent with ethical principles.

Decision-making Approach

A systematic process for making choices among various alternatives, often involving steps such as identifying a problem, generating options, and selecting a course of action.

Fairness

The quality of treating people equally or in a way that is right and just.