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19 Cards in this Set

  • Front
  • Back
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
-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