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