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11 Cards in this Set
- Front
- Back
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Excludable |
Finite |
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Rival |
Limiting use via price |
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Game Theory Normal Form |
All players know the payoffs to themselves and the other players for all combinations |
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Nash Equilibrium |
Combinations of actions for each player in the game such that no player has an incentive to change his action |
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Dominant Strategy |
Move/Action/Strategy that gives a player the highest payoff regardless of other players' actions |
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Expected Outcome of Voluntary Public Provision Good |
Free-Riding; results in under provision of public goods |
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Game Theory Extensive Form |
Sequential vote |
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W |
Wealth |
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Gi |
contribution to public good |
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gi = w - (1-m)/2 theta |
As m increases, the contribution to public good increases |
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gi = w - ((1-m)/2 theta)) - t |
The tax reduces wealth across all levels |
