442test2
Terms
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- game
- a situation in which there are two or more parties whose actions affect each other's payoffs
- nash equilibrium
- describes what they do, not their payoffs
- simultaneous game
- players make choices at the same time
- sequential game
- players move in sequence
- tournament
- sequence of contests
- features of best response curve
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-upward sloping above 45 degree line
-downward sloping below 45 degree line
-vertical intercept above 0
-slope at 45 degree line is 0 - the peter principle
- in a hierarchy, each employee rises to his own level of incompetence- you rise until you can't cut it anymore
- option value
- the value of the right to compete for the next promotion
- influence activities
- increase a worker's probability of promotion but do not increase the firm's profit, or may hurt the firm
- strategy
- complete contingent plan- says what will happen at every decision point
- end game effect
- at the end of the game, cooperation breaks down
- team
- a group of individuals whose payoffs are determined, at least in part, by the actions of the group
- complimentarities
- output from team is greater than the sum of individual outputs
- knowledge transfer
- team members learn from each other
- public good
- nonexclusionary and nonrival in consumption
- nonexclusionary
- no individual can be excluded from consuming it
- nonrival in consumption
- one individual cocnsuming it does not preclude another individual from consuming it too
- free riding
- noncontributors benefit from the actions of the contributors
- equilibrium
- a situation in which there is no pressure for anything to change