Examlex
Policies that reduce the time it takes unemployed workers to find new jobs can reduce the economy's natural rate of unemployment.
Payoff
The return or reward received as a result of making a particular decision or action, often used in the context of game theory and economics.
Efficient Outcome
In economics, a scenario where resources are allocated in a way that maximizes productivity and utility, leaving no room for improvement without making someone worse off.
Cheating
The act of being dishonest or unfair in order to gain an advantage, often violating rules or expectations.
Simultaneous-Move Game
A type of game in strategic game theory where all players make their decisions at the same time without knowledge of the other players' choices.
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