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Strategy in Politics Exam #2 Short Answer Study Guide
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Terms in this set (39)
sequence of play, conditions, information possessed when players move
What three things does extensive form add?
a point in a game indicating a player faces a choice which may send them down different nodes
What is a choice node in extensive form?
possible choices, label actions available
What are branches in extensive form?
endpoints, payoffs in order of play
What are outcomes in extensive form?
a player at a choice node knows what has happened up until that point
What is history in extensive form?
a set of nodes for a single player that if reached cannot be distinguished among by that player (motivation is sometimes we may not want players to know)
What are information sets?
determine optimal strategy for player that moves last (S) then determine optimal strategy (T) for next to last given (S) and so on
aka start at bottom and eliminate weaker moves as you work backward
How do you do backwards induction?
choice at every opportunity to choose, overall approach to playing a game
What is strategy?
Nash not being restrictive enough because the pure strategy makes it multiply in ways that are not reasonable, the player is afraid of something that cannot happen which is not reasonable
What is a non-credible threat?
part of a strategy combination that are played in equilibrium-the prediction
What is an on-path strategy?
part of a strategy combination that are not played in equilibrium because players avoid them-threats
What is an off-path strategy?
a singleton node (t) and all of its successors S(t), such that no successors are also contained in information sets that do not succeed it
What is a subgame?
a node that is not connected to other via a info set
What is a singleton node?
a Nash equilibrium of a game consisting of strategies that are also Nash in every subgame of that game
What is subgame perfect Nash?
alternative moves for 2 players, continue or stop, each continue raises payoffs slightly, stopping gives immediate bonus, predicts that players stop immediately SGPN, not realistic
What is the centipede game?
single unique equilibria, P1 wins as opposed to the original Pure Nash
In chicken, what happens if player one moves first?
information (one is more informed than the other)
Sequential games reveal _____________ during play.
prediction is inefficient, preferred outcome exists but is not chosen, mistrust
What is something about the commitment problem that makes it similar to the prisoner dilemma?
the problem gets solved
In the commitment problem extensive form, what happens if S moves first?
$10 can keep or split, P2 can then accept or reject, more about fairness than money, in lab offers are usually fair or close to it
Briefly describe the ultimatum game.
one game is played over and over again between the same players
What is an iterated game?
shadow of the future, contrast short and long term interests (solutions to social dilemma games often require trust and repeated interactions lets players build trust over time)
Why do an iterated game?
every round or period the players play a new stage game, receive utility for that round, then begin new one
What is a stage game?
produce infinite values, how do you deal with strategies and what is the structure of an answer? folk theorem
What are three problems with the iterated PD game?
players utility for outcome is weighted downward by multiple delta for each round after the first in which outcome is reached, where delta is [0,1]
A solution to the problem that the iterated PD has infinite values is exponential discounting, what is this?
value early payoffs better than late payoffs
What is an implication of delta in the iterated PD?
patient player, care more about the future
What does a player with high delta say about them?
impatient player, care more about short term games
What does a player with low delta say about them?
infinitely repeated games possess many subgame perfect Nash equilibria
What is the folk theorem?
a set of structurally equivalent subgames where players respond identically in current and future periods
What is a state?
to confirm the best reply, it is only necessary to check one period deviations from each periods strategy
What is the one shot deviation principle?
play C unless opponent has ever defected, then play D forever
What is the grim trigger strategy?
cooperate in first round, play opponent's previous move in subsequent rounds
What is tit for tat?
threat of reprisal
Effective iterated prisoners dilemma strategies rely on what?
means you're not first to defect, scores well against nice, adjusts quickly to mean
Axelrod found that "nice" strategies do better. What does "nice" mean here and why does it work?
trusting, reciprocal, forgiving
What three important aspects do effective iterated prisoners dilemma approaches share with tit for tat?
don't punish defection that was a response to your own defection
What is the gist of Contrite tit for tat?
a social dilemma in which player 2 cannot stop themselves from doing the wrong thing or the thing that player 1 does not want them to do, cannot restrain themselves
What is the commitment problem?
above 1/2 it is an equilibrium, but below it it is not a best reply
If the solution to a iterated prisoners dilemma game was something like delta is less than or equal to 1/2, what is this saying?
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Verified questions
ADVANCED MATH
The following arguments gradually increase in difficulty. Use the method presented in this section to construct argument patterns. If a statement is redundant or plays no role in the argument, do not include it in the pattern. 1 Cigarette consumption could be easily reduced by simply outlawing tailormade cigarettes. 2 The manufacture of tailor-made cigarettes to American standards is a high-tech industry. 3 It cannot be done in small illicit labs like the processing of PCP, cocaine, or heroin. 4 The availability of quality tobacco for hand rolling would discourage the development of an illegal tailor-made market. 5 Most people would not pay the premium prices demanded by an illicit market for a product of unknown quality. 6 They could roll a high-quality product for themselves. 7 Truly addicted persons would continue to smoke no matter how inconvenient. But 8 most would give it up as too much bother before it became a deeply ingrained habit.
ADVANCED MATH
Identify the fallacies of relevance, weak induction, presumption, ambiguity, and illicit transference committed by the following arguments, giving a brief explanation for your answer. If no fallacy is committed, write “no fallacy.” Oregon State Representative Dennis Richardson says that the reason the Newtown school massacre occurred is because the teachers were not armed. Thus, to prevent future shootings of this sort we must make sure that every teacher in the United States is armed with a gun.
ADVANCED MATH
The following arguments were taken from magazine and newspaper editorials and letters to the editor. In most instances the main conclusion must be rephrased to capture the full intent of the author. Write out what you interpret the main conclusion to be. Parents who feel guilty for the little time they can (or choose to) spend with their children “pick up” after them—so the children don’t learn to face the consequences of their own choices and actions. Parents who allow their children to fail are showing them greater love and respect.
ADVANCED MATH
Currently we own 100 shares each of stocks 1 through 10. The original price we paid for these stocks, today’s price, and the expected price in one year for each stock is shown in Table 76. We need money today and are going to sell some of our stocks. The tax rate on capital gains is 30%. If we sell 50 shares of stock 1, then we must pay tax of .3 • 50(30 – 20) − $150. We must also pay transaction costs of 1% on each transaction. Thus, our sale of 50 shares of stock 1 would incur transaction costs of .01 • 50 • 30 =$15. After taxes and transaction costs, we must be left with $30.000 from our stock sales. Our goal is to maximize the expected (before-tax) value in one year of our remaining stock. What stocks should we sell? Assume it is all right to sell a fractional share of stock. Table 76:$ $$ \begin{matrix} \text{ } & \text{Price (\$)}\\ \text{Stock} & \text{Share Owned} & \text{Purchase} & \text{Current} & \text{In One Year}\\ \text{1} & \text{100} & \text{20} & \text{30} & \text{36}\\ \text{2} & \text{100} & \text{25} & \text{34} & \text{39}\\ \text{3} & \text{100} & \text{30} & \text{43} & \text{42}\\ \text{4} & \text{100} & \text{35} & \text{47} & \text{45}\\ \text{5} & \text{100} & \text{40} & \text{49} & \text{51}\\ \text{6} & \text{100} & \text{45} & \text{53} & \text{55}\\ \text{7} & \text{100} & \text{50} & \text{60} & \text{63}\\ \text{8} & \text{100} & \text{55} & \text{62} & \text{64}\\ \text{9} & \text{100} & \text{60} & \text{64} & \text{66}\\ \text{10} & \text{100} & \text{65} & \text{66} & \text{70}\\ \text{Tax rate (\\%)} & \text{0.3} & \text{ } & \text{ } & \text{ }\\ \text{Transaction cost (\\%)} & \text{0.01} & \text{ } & \text{ } & \text{ }\\ \end{matrix} $$ $